A sort code is only used in the UK and Ireland for domestic transfers. SWIFT and BIC codes are used for international transfers. They refer to the same thing, as SWIFT (Society for Worldwide Interbank Financial Telecommunication) is a type of BIC (Bank Identifier Code). SWIFT/BIC codesare ...
In other words, a SKU is an internal code that each business can create for its own inventory management, whereas a UPC is the same for a product no matter who sells it. Read more Introducing Shopify Tax: Taking the Stress Out of Sales Tax 8 Ways Shopify Capital Can Help Grow Your Sma...
A tax code is a series of numbers and letter(s) used to determine Income Tax contributions. Your employer or pension provider uses this code to deduct your tax and work out how much tax-free income you receive. HMRC will then apply your tax-free Personal Allowance, and determine the tax...
What Is Total Tax? Total tax is the composite total of all taxes owed by a taxpayer for the year. It's progressive and based on the payer's income. The Internal Revenue Service (IRS) publishes income thresholds for seven tax brackets ranging from 10% to 37% each year. The spans of...
What Is a Tax-Exempt Security? A tax-exempt security is an investment in which the income produced is free from federal, state, and/or local taxes. Most tax-exempt securities come in the form of municipal bonds, which represent obligations of a state, territory or municipality. For some in...
What is “Cafe 125” on a W-2 tax form? Not to be confused for a place to go for coffee, Cafe 125 stands for IRS regulation code section 125 regarding tax-free cafeteria plans. Employers can choose to set up “cafeteria” plans for a variety of reasons, such as pre-tax income for...
What the BAC is a BACS you ask? I’m here to answer. It stands for “Bankers Automated Clearing Services” which is when you make an electronic payment from one UK bank account to another. Personally, I feel like they’ve over complicated things with that name. Just some constructive fee...
If you want to sell goods in the UK, you'll need a Value-Added Tax number. Here's how to register for one, and how to stay VAT compliant.
UTR) number is a 10-digit number that's used to identify you for tax purposes. When you register for a Self Assessment tax return, HM Revenue and Customs (HMRC) will assign you one and use it to track your income and tax payments. It's basically a type of tax ID used in the UK...
Excise taxes are a type of tax charged for specific goods and services, such as alcohol, tobacco, fuel, and airline tickets.