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A VAT manager’s role is constantly evolving. How can you successfully navigate modern employee-driven spend with tax authorities’ heightened scrutiny and digitalised reporting requirements? Here are the skills and mindset you’ll need to shine.
Unsure when do you need to issue a VAT invoice? Registered for VAT but uncertain as to how to manage your VAT invoicing? This guide unpacks everything you need to know about creating and managing VAT invoices so your business stays compliant.
Self-employed? Knowing about VAT registration for Sole Traders could be key for your business. Follow this guide to understand when you’re expected to pay VAT as a sole trader, the benefits you can gain, and the most efficient way to manage the process from start to finish.
Which goods and services qualify for VAT exemption and how can this affect your business operations? Learn the ins and outs of VAT exemptions, how this impacts your obligations, pricing and profit margins, and which mistakes to avoid to ensure your claims are compliant.
How can you ensure compliance with the UK government’s Making Tax Digital for VAT requirements? Understand what’s required, how to bridge the gap between your company’s spreadsheets or legacy accounting software, and your business needs when selecting the right VAT bridging software.
How can you accurately calculate the net price of goods while accounting for VAT removal? Follow these steps to deduct VAT from the cost of your products or services instep with the rules and factor VAT into your pricing strategy.
How can you swiftly verify your company VAT number and be sure your suppliers are registered? Is a VAT Number the Same as a UTR Number? Our blog guides you how to verify a VAT number in the UK and ensure compliance with tax regulations.
Reverse charge VAT can seem like a maze. These practical and up-to-date tips answer the burning questions and guide you through all of the requirements and best practices you need to manage reverse charge and ensure complete compliance.
What types of expenses can your business claim VAT and how can you correctly add VAT to your invoices? Dive deep into the intricacies of VAT on expenses to understand its impact on your business, learn to identify claimable expenses and more.
What are the current VAT thresholds in 2023 and how can this impact businesses and cross-border transactions? Demystify regulations and navigate tax requirements efficiently with these practical with this practical guide.
How often must you submit a VAT return,? Which records and info do you need to have ready? Our guide walks you through all the steps to help you make your VAT return process hassle-free and ensure accurate and efficient returns.
What do changes to VAT regulations post-Brexit mean for your business? Know the ‘place of supply’ rules, explore VAT implications across service categories, and learn how to ensure compliance in this new landscape.
Looking to change your VAT scheme to one that best suits your business or your plans for growth? Our guide explains when you no longer qualify for a flat VAT rate and how to seamlessly switch from flat VAT rate to Standard VAT rate without the risk of penalties.
Which VAT scheme is right for your business? To help you choose the right approach, we unveil the key business pros and cons, compliance and legal considerations between flat and standard VAT rates.
What is the current standard VAT rate in 2023? How does it vary by country and which exemptions or reduced rates apply to businesses? Learn how to calculate, and comply with VAT rates with our updated rate chart.
When does your business need to file a VAT return, and by when do you need to submit payment? Learn all about VAT requirements, how to and stay ahead of deadlines, avoid penalties and keep your business compliant with these expert tips.
One of the best ways to take away the headache of VAT management? A VAT calculator can help you keep accurate records, classify expenses correctly, and submit your VAT returns on time. Follow these best practices to maximise VAT reclaims.
Not sure if or when your business should register for VAT? This is a common question for most. Our updated 2023 guide demystifies UK VAT threshold, rates, regulations, exemptions and more to help businesses navigate tax requirements efficiently.
In a tax landscape driven by the power of real-time data and advanced technologies, businesses have to take action and develop effective strategies…
How can you ensure your VAT registration is as easy and efficient as possible? Discover all the steps and requirements you need to register for VAT online and which processes to follow to make sure you get it right the first time in our comprehensive guide.
VAT is an integral part of running a successful business and needs to be carefully managed to ensure compliance with government taxes and regulations. Our guide breaks down how to navigate online VAT payments efficiently, avoid common mistakes, and meet your financial obligations on time.
Regulatory and market changes and today’s digital economy make technology-driven VAT management critical. Using software that automates manual processes and enables accurate, hassle-free submissions can help companies meet the continuous challenge of compliance.
How can you register for VAT, ensure compliance and smooth operations for your business? Our step-by-step guide has you covered.
Everything you need to know about VAT – Our guide takes you through how VAT works, what you need to know as a business owner, the importance of understanding VAT, and how to stay on top of your VAT admin.
Is a gift really a gift, or is it a taxable fringe benefit? Whether the gift is cash or crypto, companies and employees are required to report gifts as taxable fringe benefits…
Corporate tax professionals need to establish clear fringe benefits policies before the taxman knocks on the door…
VAT compliance is absolutely crucial for global businesses. Case in point – Uber paid £615m to settle a VAT dispute with the United Kingdom’s HMRC…
Employers typically budget for much more than the actual salary per hour they pay their employees as benefit costs make up a significant percentage of the compensation…
As the Covid pandemic passes, business travel is back on the rise. Business travel involves paying VAT that can be potentially reclaimed. Read on to learn the 5 business trip VAT reclaim guidelines…
The amount of VAT that UK companies can reclaim on mileage is determined by HMRC – HM Revenue and Customs. HMRC updated the advisory fuel rates as of December 1, 2022. There are 7 requirements to calculate VAT recovery…
The financial services landscape has been dramatically transformed by digital technology and fintech. Today, banks, and financial institutions now offer a plethora of technology-based services…
The global electric vehicle (EV) market is on a continuous upward trend, even though zero and low-emission cars are typically more expensive. They are touted as environmentally friendly…
If there were any doubts as to the necessity of digital transformation for ensuring long-term business growth and competitiveness, the coronavirus pandemic has silenced them. In our digital, contactless world…
Covid is now behind us, but the world – and implicitly the business world – isn’t where it was two years ago. Moreover, the old reality is very unlikely to return. If we look at business travel…
Managing, recognizing, calculating, and reporting the tax on employee benefits has unique challenges and hidden costs determined by work processes and expense management capabilities, as well as the business environment…
Determining organizational strategy and making the right management decisions requires taking a holistic view of your company’s needs and planning how to achieve your goals and objectives. Strategic management, especially in the world of tax compliance…
New solution accurately and efficiently identifies taxable employee benefits for effortless compliance Blue dot is…
PwC announces that it has expanded its alliance with Blue dot, a leading tax platform for employee-driven…
The EU Commission has given its approval for Croatia to join the eurozone. In July, EU finance ministers will set the exchange rate for the conversion of Croatia’s currency, the kuna, to the euro, in effect from 1 January 2023. Croatia will now have six months to prepare…
The Republic of Croatia has introduced a relief package with reduced VAT rates on selected goods and services to mitigate the impact of price increases.
On 12 May 2022, Minister Donohoe from the Department of Finance announced an extension to the 9% VAT rate reduction for the tourism and hospitality…
The 9% VAT rate for the hospitality sector is to remain in place for the remainder of 2022. The measure, introduced after extensive lobbying from the sector…
Hybrid working, remote working, dispersed workforces, gig employment – these operating models are now critical to business success and talent retention in the modern era. As Deloitte points out…
On 20 April 2022, the Romanian Chamber of Deputies published a Draft Law on the approval of Government Emergency Ordinance (GEO) no. 120/2021 that establishes the operational framework of the national e-invoicing system, with important amendments.
Royal Decree No. 56 (Ref. number: 2022031695), published in the Belgian Official Gazette, amends the provisions on foreign VAT refunds for EU and non-EU businesses.
The Government of Ireland agreed to reduce the VAT rate on the supply of gas and electricity from 13.5% to 9%, at a cost of € 46 million.
A Royal Decree from 9 March 2022, published in the Belgian Official Gazette, introduced the obligation for entrepreneurs to issue electronic invoices for the supplies based on government contracts and concession agreements.
In an amendment to Royal Decree No. 20., Belgium has introduced a temporary reduced value added tax (VAT) rate of 6% for the supply of electricity for residential contracts
In an amendment to Royal Decree No. 20., Belgium has introduced a temporary reduced value added tax (VAT) rate of 6% for the supply of electricity for residential contracts
the European Commission prepared and submitted to the EU Council a draft derogation decision authorizing Poland to implement the mandatory e-invoicing system.
The Central Board of Indirect Taxes and Customs Authority in India has lowered the annual sales threshold for mandatory GST e-invoices.
Amid soaring food and energy prices, Bulgaria announces a proposal to reduce the VAT rate from 20% to 0%.
In a move to deal with high energy costs in Spain, the Spanish Prime Minister has announced the extension of the reduced VAT rate of 10% on electricity from April 2022 until 30 June 2022.
The Republic of Croatia has introduced a relief package with reduced VAT rates on selected goods and services to mitigate the impact of price increases.
In a move to modernize VAT reporting, Irish tax authorities may introduce SAF-T and mandatory B2B e-invoicing in the second half of 2022.
Romania will reduce the VAT rate from 19% to 5% on leaded gasoline, unleaded gasoline, liquefied petroleum gas (LPG) and diesel car fuels.
Singapore has announced a VAT rate increase in its Budget 2022.
The Minister of Finance has announced that Greece intends to further extend the already reduced VAT rates for catering, transportation, gyms, cinemas, and theaters.
The Ministry of Treasury and Public Function in Spain has published a Royal Decree mandating B2B e-invoicing from 1 January 2024.
The New Zealand government has taken the first step towards mandatory B2G e-invoicing.
Fringe benefits are perks or compensation to employees beyond the basic salary. Depending on the frequency of the benefit, the value or its nature, the benefit will be deemed salary, and thus will be subject to wage taxation.
UPDATE 17/01/2022 The National Assembly of Vietnam has approved a Resolution reducing the standard VAT rate to 8% for groups of goods and services currently being supplied at 10% except for: telecommunications;, information technology, financial activities, banking, securities and insurance, real estate, metal production and manufacturing of prefabricated metal products, mining (excluding coal), production of coke and refined petroleum; manufacturing […]
UPDATE 17/01/2022 Switzerland Proposes VAT increases in 2023. The Federal and Cantonal Council of Switzerland has put forward a proposal to increase the standard VAT rate of 7.7% to 8.1%, the reduced VAT rate to be increased from 2.5% to 2.6% and the special rate for accommodation services to be increased from 3.7% to 3.8% respectively. The proposal requires a […]
UPDATE 10/01/2022 The Polish Prime Minister has recently announced his intention to reduce the VAT rate on fuel from 23% to 8% to battle inflation in the country. He further added that the reduction should come into force in the beginning of February 2022 and that the lower rate will apply for six months. Sources: prawo.pl , polskieradio.pl
UPDATE 28/12/2021 The Polish government may reduce the VAT rate on essential foodstuff to zero %, in the face of rapidly rising inflation in the country. As pointed out by the Minister of Finance, the zero VAT rate would apply to foodstuffs that are currently subject to a reduced rate of 5%. A request has already been sent to the […]
UPDATE 29/11/2021 In Poland, the laws introducing e-invoicing and VAT groups were signed by the President and published in the Journal of Laws. E-invoicing will be voluntary from 1 January 2022 and it is rumored that it will be mandatory from 1 January 2023. The regulations regarding VAT groups will come into force as of 1 July 2022. UPDATE 20/10/2021 […]
UPDATE 03/12/2021 Currently, financial services in Poland are obligatorily exempt from VAT. This deprives financial institutions of the right to deduct the input tax included in the price of the purchased goods and services. The law introducing the option to tax financial services was signed by the President. It enters into force as of January 1, 2022, which means that […]
Today more than ever, companies are vying for the most talented employees in an increasingly competitive workforce. On top of that, because of the pandemic, employees around the world now work remotely or in a hybrid situation, dividing their time between remote and on-premises work. This relatively new business model adds an extra layer of complexity when it comes to […]
The Romanian TA (ANAF) has finalized the deadlines for submission of SAF-T declaration (Declaration 406) and date that the SAF-T data reporting becomes obligatory for all categories of taxpayers. The reporting obligation becomes effective as per the following dates: 1 January 2022 – for taxpayers included in the category of large taxpayers on 1 January 2022 and who also belonged […]
The current version of the Romanian VAT Law applies a reduced VAT rate of 5% for textbooks, books, newspapers and magazines, but only in printed format. The electronic version of such publications is currently taxed at a VAT rate of 19%. Therefore, in order to allow the harmonization of VAT rates between both the physical and electronic versions, the Romanian […]
Turkey has reduced its VAT rate on legal services. Previously such services were charged at the standard VAT rate of 18%. Due to the change, effective from 1st December 2021, legal services will be charged at a reduced rate of 8%. Sources: Presidential Decision 4862 (in Turkish) , IBFD
UPDATE 16/12/2021 The parliament of the Kingdom of Bahrain has approved a government proposal to increase the VAT rate from the current 5% to 10%, which will be effective from 1st January 2022. The increase is part of the government’s efforts to balance the Kingdom’s public finances through expenditure rationalization measures and revenue enhancement measures. Source: Update of the Fiscal […]
What is e-invoicing? E-invoicing is short for electronic invoicing—a form of electronic billing. It’s sometimes also referred to as electronic invoice processing. Basically, it speeds up the whole invoice cycle. E-invoicing is used between customers (buyers) and suppliers to share documents related to their business transactions worldwide. It’s also used in transactions for business to business, government to government, business […]
Business travel, once the realm of sales professionals and global management, is now mainstream with many employees setting up shop on their own, working from home one month, in New York another, and joining the family on vacation in Europe for a month during the summer. The COVID-19 pandemic has forever changed the concept of where employees can be successful […]
Ensuring information security with effective risk assessment and best practices is the be-all and end-all for data-driven organizations.
As Blue dot’s EMEA Sales Director, Farrukh Iftikhar heads up sales in Europe, the Middle East and Africa, forging new relationships and locking in opportunities.
In today’s day and age, workers enjoy a wide array of employee benefits. Scandinavian countries rank highly in employee benefits, with Denmark, Sweden, and Norway each spending 25% of their GDP on social services.
Value-added tax, often shortened to VAT, is a common tax system present in much of the world.
Meet Blue dot’s new senior sales manager for the United States: Scott Newell. Scott is a veteran SaaS sales executive who brings rich experience in enterprise sales, implementation and leadership to the Blue dot team.
Recently, Romania’s Ministry of Finance made the announcement that it will introduce national e-invoicing in 2022.
As the UK economy reopened following a long period of COVID-19 lockdowns and restrictions, certain eligible businesses received a boost from the government in the form of a temporary reduced VAT rate of 5%.
Read this guide for all you need to know about your opportunities in applying for a Foreign VAT refund and the relevant deadlines.
