It is a step towards making HMRC the most technologically advanced tax administration in the world, and also marks the end of annual tax filing. How will MTD change the way things are done? Making Tax Digital aims to restructure the entire tax system in the UK, meaning businesses will...
MTD stands for Monthly Tax Deduction, also known as Potongan Cukai Bulanan (PCB). Hence, you may realize that MTD and PCB can be used interchangeably. MTD/PCB is a series of monthly deductions that go towards your tax payment in relation to your employment income. These monthly deductions a...
000 of income from self-employment (this is your “Trading Allowance”) or the first £1,000 of property rental income (unless you’re using the Rent a Room Scheme). Moreover, Income Tax is not payable on income from ISAs (Individual Savings Accounts) and National Savings...
Making Tax Digital - what you and your clients need to know. Information for Accountants ahead of MTD.
What is ERP software? An enterprise resource planning (ERP) software is a type of business management software that integrates day-to-day business processes. It helps business leaders streamline company activity by connecting all data points and providing accurate business insights. ...
What is a VAT return? VAT-registered businesses must report the amount of output tax and input tax to HMRC via a VAT Return. This is usually completed every quarter. Most VAT-registered businesses with a turnover over £90,000 must also follow the rules for Making Tax Digital (MTD) for...
Knowing the basics of VAT is vital for small business owners in the UK. Find the answers to your VAT questions from how it works to registering, and more.
What is cloud ERP software and how does it work? A cloud ERP system brings key business processes within your organisation - like finance, inventory, and operations - together in one powerful solution. With real-time visibility and access from any device, your team always have the latest infor...
In Malaysia, the Tax Identification Number (TIN), also known as the Income Tax Number, is a unique identifier assigned to individuals and entities who are registered taxpayers with theInland Revenue Board of Malaysia (IRBM) It is a combination of a TIN Code, which reflects the type of taxpay...
Accounting errors and inconsistencies can prove serious impediments to tax compliance. As businesses of all shapes and sizes aim to make their operations more compliant withMaking Tax Digital (MTD), ERP can be a useful aid. It can automatebookkeepingprocesses and help to eliminate the errors that...