From 1 April 2019, businesses with a turnover above the VAT registration threshold will be required to keep specified minimum records in their VAT account and to submit the current nine-box VAT return to HMRC via Application Program Interface (API) software.
UK: Briefing Paper - Are you ready for Making Tax Digital? Alex Baulf
The UK government is going ahead with its Making Tax Digital (“MTD”) programme, starting with VAT-registered taxpayers. From 1 April 2019, businesses with a turnover above the VAT registration threshold will be required to keep specified minimum records in the VAT account and to submit the current nine- box VAT return to HMRC via Application Program Interface (“API”) software (linking either the accounting system or excel spreadsheets to the HMRC system).
We make VAT Reporting in GCC countries very easy. Read our free VAT guide for a step-by-step walkthrough of how to use Tax reporting tool by Azdan to solve the Value Added Tax in GCC countries.
Mexico - Electronic Accounting Records for Tax purposesAlex Baulf
The Mexican Congress has passed a series of amendments to the Federal Tax Code for the purpose of modernizing and facilitating the compliance and enforcement of tax obligations. With effect July 2014, the Tax Administration Service (SAT) will require tax payers to submit electronic accounting records - in essence, a standard audit file for tax purposes (SAF-T). This alert (translated from the original tax alert in Spanish) provides a high level commentary of the new requirements.
Understand the new regulations published by the Mexican Tax Authorities related to Electronic Accounting, which are effective 1 January 2015 and which impact all corporations and certain individuals doing business in Mexico.
For more information visit https://www.thesaurus.ie or https://www.brightpay.co.uk
PAYE Modernisation will change how payroll information is reported to Revenue. Every time employees are paid, a file will need to be submitted (electronically) to Revenue, consisting of all details of employee payments, deductions and leaver information. The contents will be somewhat similar to the current annual P35, but this file will be submitted every pay period (weekly, monthly, fortnightly, etc.).
Getting ready for PAYE Modernisation
This CPD webinar has been designed to uncover the ins and outs of what PAYE Modernisation means for your payroll bureau and your clients.
Agenda
An overview of PAYE Modernisation
Elimination of the P forms - P30, P60 P35, P46 and P45 forms
Recent updates and changes to PAYE Modernisation
How payroll software will handle real time processing
Making corrections in real time
Can PAYE Modernisation be processed manually?
Bureau payroll practises and how best to handle the new system
Communicating the new system to your clients
Updating your letters of engagement
The impact of PAYE Modernisation on employees
Revenue Presentation
The Panel
Main presenter: Paul Byrne
Guest presenter: Sinead Sweeney
Guest presenter: Sandra Clarke
IRIS World 2018 - Keynote 4 - Thrive in the Digital EconomyIRIS
Making Tax Digital (MTD) starts in April 2019 for VAT registered businesses, but how do you ensure your practice and clients are ready?
Watch IRIS' tax guru Jenny Strudwick as she walks through a step-by-step MTD guide from practice MTD services through to digitally enabling and managing your clients’ MTD data in IRIS.
UK: Briefing Paper - Are you ready for Making Tax Digital? Alex Baulf
The UK government is going ahead with its Making Tax Digital (“MTD”) programme, starting with VAT-registered taxpayers. From 1 April 2019, businesses with a turnover above the VAT registration threshold will be required to keep specified minimum records in the VAT account and to submit the current nine- box VAT return to HMRC via Application Program Interface (“API”) software (linking either the accounting system or excel spreadsheets to the HMRC system).
We make VAT Reporting in GCC countries very easy. Read our free VAT guide for a step-by-step walkthrough of how to use Tax reporting tool by Azdan to solve the Value Added Tax in GCC countries.
Mexico - Electronic Accounting Records for Tax purposesAlex Baulf
The Mexican Congress has passed a series of amendments to the Federal Tax Code for the purpose of modernizing and facilitating the compliance and enforcement of tax obligations. With effect July 2014, the Tax Administration Service (SAT) will require tax payers to submit electronic accounting records - in essence, a standard audit file for tax purposes (SAF-T). This alert (translated from the original tax alert in Spanish) provides a high level commentary of the new requirements.
Understand the new regulations published by the Mexican Tax Authorities related to Electronic Accounting, which are effective 1 January 2015 and which impact all corporations and certain individuals doing business in Mexico.
For more information visit https://www.thesaurus.ie or https://www.brightpay.co.uk
PAYE Modernisation will change how payroll information is reported to Revenue. Every time employees are paid, a file will need to be submitted (electronically) to Revenue, consisting of all details of employee payments, deductions and leaver information. The contents will be somewhat similar to the current annual P35, but this file will be submitted every pay period (weekly, monthly, fortnightly, etc.).
Getting ready for PAYE Modernisation
This CPD webinar has been designed to uncover the ins and outs of what PAYE Modernisation means for your payroll bureau and your clients.
Agenda
An overview of PAYE Modernisation
Elimination of the P forms - P30, P60 P35, P46 and P45 forms
Recent updates and changes to PAYE Modernisation
How payroll software will handle real time processing
Making corrections in real time
Can PAYE Modernisation be processed manually?
Bureau payroll practises and how best to handle the new system
Communicating the new system to your clients
Updating your letters of engagement
The impact of PAYE Modernisation on employees
Revenue Presentation
The Panel
Main presenter: Paul Byrne
Guest presenter: Sinead Sweeney
Guest presenter: Sandra Clarke
IRIS World 2018 - Keynote 4 - Thrive in the Digital EconomyIRIS
Making Tax Digital (MTD) starts in April 2019 for VAT registered businesses, but how do you ensure your practice and clients are ready?
Watch IRIS' tax guru Jenny Strudwick as she walks through a step-by-step MTD guide from practice MTD services through to digitally enabling and managing your clients’ MTD data in IRIS.
Looking at the latest legislation to impact on AP and Finance teams in the UK. Making Tax Digital (MTD) for VAT. Includes a look at Global trends and how technology can help.
The new tax law that is informally referred to as the Tax Cuts and Jobs Act (TCJA) included many perks for businesses, but it also established new protocols for the recognition of gross income that may be detrimental. These new provisions may accelerate when income taxes are payable for certain businesses, as the recognition of gross income may be required earlier than would have been previously required for tax purposes.
In the evolving environment of the new GST regime it is envisioned that the GST Suvidha Providers (GSP) concept is going to play a very important and strategic role.
For more information visit https://www.thesaurus.ie
PAYE Modernisation will now become a part of the payroll processing each pay period. Employers, payroll bureaus and accountants will need to review their current processes to meet the new requirements in January 2019. Join Thesaurus Software for a free webinar where we can peel back the new legislation and take you through how PAYE Modernisation will affect you and your payroll processing.
We are delighted to be joined by Sinead Sweeney, who is the PAYE Modernisation Change Manager for the Revenue Commissioners. Sinead is very much on the front line when it comes PAYE Modernisation and will also deliver a presentation from Revenue’s perspective.
The Goods and Services Tax (GST) is introduced to bring a single unified tax regime for India, which will consolidate many different taxes into a single tax regime.
The intention is to bring predictability and lower operating costs for businesses because the GST will reduce the overall tax burden by reducing the impacts of cascading taxes and allow the cross-utilization of tax credits across the supply chain.
All the enterprises must gear up for a smooth deployment of GST related changes in their application landscape. Without proper technical and application environment, GST compliance will be impossible.
Customer challenges
Organizations do not necessarily have in-house expertise to cope up with the deployment and management of changes related to GST. As the government tries to streamline the process, periodic changes and report requirements (GSTR1, GSTR2, e-Way Bill, e-Invoicing etc.) are generated.
SAP is regularly delivering various notes and patches to support the technical architecture for addressing these requirements.
However, extracting the accurate data from the SAP system and then integrating it to the GSTN Portal (either with our without the help of GSP/ASP) is a huge challenge requiring substantial efforts.
Transfer Pricing for the International Practitioner Matheson Law Firm
Since completion of the OECD’s base erosion and profit shifting project in 2015, countries have been reviewing and updating their domestic transfer pricing regimes. Ireland is no different. In this article, Tax partner, Catherine O’Meara, reviews some of the recent developments in Irish transfer pricing and outlines what other changes taxpayers should expect in 2019.
The GST Council has decided to introduce with centralized issuance of an unique number (Invoice Reference number) for each B2B invoice on reporting of invoice data to a central portal with effective(Mandate) date from 1stApril 2020 for all Tax payers The new system will lead to one-time reporting on B2B invoice data in the form it is generated to reduce reporting in multiple formats (one for GSTR 1 and the other for e-way bill) and to generate Sales and Purchase Registers (ANX-1 and ANX-2) and from this data to keep the Return (RET-1 etc.) ready for filing.
Why simplyVAT ?
Implementing VAT can be complex, risky and costly depending on your company’s business scenarios. Enpersol Arabia has a team of very strong functional consultants with huge experience. Our expertise and experience will ensure a smooth transition to the tax regime.
CONTACT US FOR A DEMO
Drop an email at info@enpersol.com
Visit our website for all details http://enpersol.com/simply-vat/
What is Value Added Tax (VAT)?
**An indirect tax imposed at each stage of production and supply.
**In general, the ultimate consumer is the one who bears the full cost of this tax while the business collects and
calculates the tax and pays it in favor of the state.
**A 5% is imposed on multiple production stages with the right to deduct taxes on inputs from taxes collected
from production outputs.
**The tax is collected each stage of the economic cycle (production, distribution, consumption)
Value added = Sale Price – Purchasing or Production cost
Senior Commercial Manager of Immedis, Adrian Morrissey address the GPA UK Summit in London 2018 where he discusses the future of global payroll through technology, data, business intelligence and analytics
The document gives information on the following topics:
1.What is GST
2.Structure
3.Working of GST
4.Systems to Administer
5.Changes in SAP
6.Challenges
7.SAP Notes & Pre-requisites
For freelance services please visit the website: www.salienterp.com or contact on info@salienterp.com
Capium provides Cloud based Online Accounting Software for day to day needs of accountants and sme's, allows you to manage payroll, bookkeeping for free.
Resource :- https://www.capium.com
Looking at the latest legislation to impact on AP and Finance teams in the UK. Making Tax Digital (MTD) for VAT. Includes a look at Global trends and how technology can help.
The new tax law that is informally referred to as the Tax Cuts and Jobs Act (TCJA) included many perks for businesses, but it also established new protocols for the recognition of gross income that may be detrimental. These new provisions may accelerate when income taxes are payable for certain businesses, as the recognition of gross income may be required earlier than would have been previously required for tax purposes.
In the evolving environment of the new GST regime it is envisioned that the GST Suvidha Providers (GSP) concept is going to play a very important and strategic role.
For more information visit https://www.thesaurus.ie
PAYE Modernisation will now become a part of the payroll processing each pay period. Employers, payroll bureaus and accountants will need to review their current processes to meet the new requirements in January 2019. Join Thesaurus Software for a free webinar where we can peel back the new legislation and take you through how PAYE Modernisation will affect you and your payroll processing.
We are delighted to be joined by Sinead Sweeney, who is the PAYE Modernisation Change Manager for the Revenue Commissioners. Sinead is very much on the front line when it comes PAYE Modernisation and will also deliver a presentation from Revenue’s perspective.
The Goods and Services Tax (GST) is introduced to bring a single unified tax regime for India, which will consolidate many different taxes into a single tax regime.
The intention is to bring predictability and lower operating costs for businesses because the GST will reduce the overall tax burden by reducing the impacts of cascading taxes and allow the cross-utilization of tax credits across the supply chain.
All the enterprises must gear up for a smooth deployment of GST related changes in their application landscape. Without proper technical and application environment, GST compliance will be impossible.
Customer challenges
Organizations do not necessarily have in-house expertise to cope up with the deployment and management of changes related to GST. As the government tries to streamline the process, periodic changes and report requirements (GSTR1, GSTR2, e-Way Bill, e-Invoicing etc.) are generated.
SAP is regularly delivering various notes and patches to support the technical architecture for addressing these requirements.
However, extracting the accurate data from the SAP system and then integrating it to the GSTN Portal (either with our without the help of GSP/ASP) is a huge challenge requiring substantial efforts.
Transfer Pricing for the International Practitioner Matheson Law Firm
Since completion of the OECD’s base erosion and profit shifting project in 2015, countries have been reviewing and updating their domestic transfer pricing regimes. Ireland is no different. In this article, Tax partner, Catherine O’Meara, reviews some of the recent developments in Irish transfer pricing and outlines what other changes taxpayers should expect in 2019.
The GST Council has decided to introduce with centralized issuance of an unique number (Invoice Reference number) for each B2B invoice on reporting of invoice data to a central portal with effective(Mandate) date from 1stApril 2020 for all Tax payers The new system will lead to one-time reporting on B2B invoice data in the form it is generated to reduce reporting in multiple formats (one for GSTR 1 and the other for e-way bill) and to generate Sales and Purchase Registers (ANX-1 and ANX-2) and from this data to keep the Return (RET-1 etc.) ready for filing.
Why simplyVAT ?
Implementing VAT can be complex, risky and costly depending on your company’s business scenarios. Enpersol Arabia has a team of very strong functional consultants with huge experience. Our expertise and experience will ensure a smooth transition to the tax regime.
CONTACT US FOR A DEMO
Drop an email at info@enpersol.com
Visit our website for all details http://enpersol.com/simply-vat/
What is Value Added Tax (VAT)?
**An indirect tax imposed at each stage of production and supply.
**In general, the ultimate consumer is the one who bears the full cost of this tax while the business collects and
calculates the tax and pays it in favor of the state.
**A 5% is imposed on multiple production stages with the right to deduct taxes on inputs from taxes collected
from production outputs.
**The tax is collected each stage of the economic cycle (production, distribution, consumption)
Value added = Sale Price – Purchasing or Production cost
Senior Commercial Manager of Immedis, Adrian Morrissey address the GPA UK Summit in London 2018 where he discusses the future of global payroll through technology, data, business intelligence and analytics
The document gives information on the following topics:
1.What is GST
2.Structure
3.Working of GST
4.Systems to Administer
5.Changes in SAP
6.Challenges
7.SAP Notes & Pre-requisites
For freelance services please visit the website: www.salienterp.com or contact on info@salienterp.com
Capium provides Cloud based Online Accounting Software for day to day needs of accountants and sme's, allows you to manage payroll, bookkeeping for free.
Resource :- https://www.capium.com
Understanding VAT returns in the UAE can be challenging for businesses new to its tax landscape, mainly since VAT was introduced in January 2018.
https://www.ebs.ae/vat-and-excise-returns-filing/
Incorporating Value Added Tax (VAT) functionalities to your existing ePROMIS ...ePROMIS Solutions
Value Added Taxation would have an impact on your entire business processes from the point of sales, invoicing, accounting, and reporting. Whether your Enterprise Resource Planning is an in-house system or a globally renowned software, it will need to be enhanced and modified incorporating all aspects of VAT implementation. ePROMIS VAT incorporation program will allow organizations to have tax functionalities in their existing ePROMIS ERP software systems.
With IMC’s comprehensive action plan you can take control of VAT’s impact on people and organizations, processes and controls, and data and technology.
The GCC member countries have entered into a unified agreement which bind them to implement VAT and Excise regulations in their jurisdictions latest by January 2019. IMC has a dedicated “VAT in GCC” team set-up in Dubai, UAE. Write to us at bc@intuitconsultancy.com or visit https://intuitconsultancy.com/vat-in-middle-east/ for more. IMC would be pleased to advise readers on how to apply the principles set out in this publication to their specific circumstances.
Grant Thornton - Global Tax Automation TalkbookAlex Baulf
Instead, there is suite of solutions available (from different software solution providers and consultants) which are each designed to relieve specific pressure points in the global VAT/GST compliance process. This high level talkbook is designed to set out the pressure points at each stage of the VAT/GST compliance cycle and the various options at a high level to help facilitate an impartial commercial discussion around tax automation and technology solutions.
Technology shouldn't be deployed in isolation and instead it should be implemented alongside best practices as part
of a wider tax control framework, encompassing Technology, People, Process and Data.
Published 25th January 2018 | For more information visit https://www.thesaurus.ie
Under the new legislation, whenever Irish employers pay their employees, a file must be submitted (electronically) to Revenue containing details of these payments.
The contents of this file will be similar to the details currently submitted in the annual P35, however, unlike the annual P35, this file must be submitted each pay period. Therefore, in most cases, the submission will be made either weekly or monthly.
This real time information will enable Revenue to ensure that employees are receiving their correct credits and cut off points. This in turn should mean that the incidence of year end over/underpayments of income tax will be substantially reduced.
We have designed a webinar to explain the ins and outs of what PAYE Modernisation means for your payroll bureau and your clients. The webinar is CPD accredited where you can benefit from 1.5 hours.
Agenda
An introduction to PAYE Modernisation including recent changes
What direct effect will this have on employers?
What direct effect will this have on employees?
What are the possible downsides for employers?
Revenue’s delivery schedule
The role out of PAYE Modernisation in the UK
Processing manually or using payroll software?
The letter of engagement
How will PAYE Modernisation affect your payroll service
Communicating these changes to your clients.
The Panel
Main presenter: Paul Byrne
Guest presenter: Sinead Sweeney
Guest presenter: Sandra Clarke
Vat Registration UAE We Offer VAT Registration Services in UAE | Our experienced account managers Will take VAT and excise tax registration.
https://www.ebs.ae/vat-registration-uae/
24th January 2018 | For more information visit https://www.thesaurus.ie
Under the new legislation, whenever Irish employers pay their employees, a file must be submitted (electronically) to Revenue containing details of these payments.
The contents of this file will be similar to the details currently submitted in the annual P35, however, unlike the annual P35, this file must be submitted each pay period. Therefore, in most cases, the submission will be made either weekly or monthly.
This real time information will enable Revenue to ensure that employees are receiving their correct credits and cut off points. This in turn should mean that the incidence of year end over/underpayments of income tax will be substantially reduced.
We have designed a webinar to explain the ins and outs of what PAYE Modernisation means for your business and your payroll processing.
Agenda
An introduction to PAYE Modernisation including recent changes
What direct effect will this have on employers?
What direct effect will this have on employees?
What are the possible downsides for employers?
Revenue’s delivery schedule
The role out of PAYE Modernisation in the UK
Processing manually or using payroll software?
The Panel:
Main presenter: Paul Byrne
Guest presenter: Sinead Sweeney
Guest Panelist: Sandra Clarke
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UK: Are you ready for Making Tax Digital (for VAT)?
1. Briefing paper
Are you ready for Making Tax Digital?
The UK government is going ahead with its Making Tax Digital (MTD) programme,
starting with VAT-registered taxpayers. From 1 April 2019, businesses with a turnover
above the VAT registration threshold will be required to keep specified minimum
records in their VAT account and to submit the current nine-box VAT return to HMRC
via Application Program Interface (API) software to link either the accounting system
or Excel spreadsheets to HMRC’s system.
What’s the issue?
The government has confirmed that MTD will eventually
cover all taxes but VAT was chosen by HM Revenue and
Customs (HMRC) as the first tax to go live on 1 April 2019.
For a significant number of businesses the changes will mean
that they will need to review or upgrade their existing
accounting systems. They will also need to ensure that an
API connection is possible.
Businesses that manually calculate adjustments, such as
under partial exemption and the capital goods scheme, will
now be required to reconcile those adjustments within their
accounting system and VAT account.
Businesses that rely solely on spreadsheets to generate their
VAT returns will need to ensure that the additional VAT
records are captured within the spreadsheets. Alternatively,
such businesses may need to invest in API software to
submit the nine-box VAT return from the spreadsheets or
may need to consider upgrading to compatible accounting
software.
While it will not be mandatory to file the underlying data within
the VAT account via API, HMRC can request this separately
in order to validate the VAT returns. Businesses may also
choose to submit their VAT account to HMRC, in order to
reduce potential HMRC enquiries and to keep a low risk
rating profile with HMRC.
Timetable for change
Businesses will need to be able to file their VAT returns
digitally by 1 April 2019. However, prior to this HMRC will be
making its new digital platform available for testing and use.
The current expectation is that the platform will be ready from
1 April 2018.
What do you need to think about now?
• The existing nine-box VAT return will need to be
submitted via API either directly from the accounting
software or through links from spreadsheets
• Additional information will be required to be kept in the
VAT account, although the VAT account will not need to
be submitted to HMRC – at least initially
• New penalties for late filing and late payment of VAT
• The filing date for returns may revert to the end of the
month following the end of the VAT return period. For
many businesses this will mean the eventual loss of an
additional 7 days to file the return
• Certain taxpayers will be exempt from MTD. In addition,
taxpayers that are VAT-registered but below the threshold
will not have to file returns under MTD, but can opt to do
so if they wish
• Charities, local authorities, government departments and
overseas businesses will not be exempt from MTD for
VAT – unless their taxable activities are below the VAT
threshold
Roadmap for API
An API is, broadly speaking, a computer program which
allows information stored in one application or website to be
shared with another application or website.
In December 2017, HMRC issued an updated delivery
roadmap for MTD to software developers – setting out the
APIs currently available in both its “Live” and “Test” (HMRC
API Sandbox) environments as well as its anticipated
schedule for future API releases. Additional functionality is
tested on limited taxpayer data before becoming publicly
available via “controlled go live” and Grant Thornton is
currently working with HMRC as part of this process.
Grant Thornton’s Tax Software and Tax Technology teams
are also working towards developing software solutions that
will enable our clients to submit their nine-box VAT return to
HMRC via API.
Dates to remember
The first key changes will come into effect in early-mid 2018:
• April 2018 – software developers should have developed
APIs for taxpayers to file digitally; pilot to be widened to all
potential agents (public beta)
• 1 April 2019 – start of first VAT period where MTD is
mandatory
• 7 June 2019 – last submission date for first monthly VAT
returns under MTD
• 7 August 2019 – last submission date for first quarterly
returns under MTD
