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Monthly Archives: May 2021
Hot Business News Today
Can Your Enterprise Benefit from No-Code AI?
by Haseeb Tariq • • 0 Comments
Hot Business News Today
3 New TikTok Trends to Watch for This Spring
by Alexandra Fasulo • • 0 Comments
Check out these 3 new TikTok trends that are expected to change and dictate how the video-only social media app performs with users in the future.
Hot Business News Today
2 Overvalued Retail Stocks Wall Street Hates
by Samiksha Agarwal • • 0 Comments
The retail industry has grown remarkably over the past year on the back of increasing demand for online shopping, and immersive experiences offered by digitally sophisticated retail stores. While most stocks in the sector are thriving, there are some significantly overvalued players that Wall Street analysts detest. Cases in point are Gap (GPS) and Abercrombie & Fitch (ANF).Their weak fundamentals do not justify their premium valuations. Hence, we think they should be avoided now.
Hot Business News Today
The billionaire creator of Ethereum already expected the collapse of cryptocurrencies
by Entrepreneur en Español • • 0 Comments
At 27, Vitalik Buterin became the youngest billionaire thanks to his creation: the cryptocurrency Ethereum. But he is aware that the bubble will burst at any moment, if it hasn’t already.
Hot Business News Today
The Best Lighting for Your Zoom Calls to Look More Professional
by Entrepreneur Deals • • 0 Comments
Sometimes you don’t need a fancy camera to remedy your video quality, you just need the best lighting for Zoom calls.
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Shein opens a pop-up store in CDMX
by Nupcias • • 0 Comments
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Small businesses selling into EU face £180m in extra red tape costs
by Timothy Adler • • 0 Comments
Originally written by Timothy Adler on Small Business
Small businesses that sell into Europe face £180m in extra red tap costs as they get swept up in new EU One-Stop-Shop VAT rules.
The new EU One-Stop-Shop rules, which will be introduced on July 1, are designed to stop an estimated designed to stop an estimated €7bn in annual VAT fraud by non-EU ecommerce sellers, mainly located in China, according to Alavera.
However, the EU One-Stop-Shop changes remove remove VAT exemptions for SMEs and shipments not exceeding €22 (£19), which means about 26,000 UK e-commerce sellers will have to register for VAT in an EU member state for the first time.
>See also: Where to find your £2,000 Brexit Support Fund grant
This will cost a majority of these companies at least €8,000 (£6,900) a year each, or roughly €208m (£180m) annually.
“Now we’re outside of the EU, [the UK has] been lobbed in with VAT-avoiding Chinese traders, and ecommerce companies will pay the price,” Richard Asquith, vice-president global indirect tax at Avalera, told the Financial Times.
UK e-commerce sellers will now have three options when trading into the EU:
Register for VAT in the country where they sell most of their goods, which the European Commission estimates will
Hot Business News Today
Buying property through a company – can you rent back your own home?
by Natasha Heron • • 0 Comments
Originally written by Natasha Heron on Small Business
When purchasing an investment property one of the first considerations is whether it should be held personally or within a company wrapper.
A company is a separate legal identity to its owners; therefore, the asset belongs to the company rather than the shareholders or directors. Rental receipts and proceeds from subsequent disposals belong to the company and are subject to corporation tax at the current rate is 19 per cent. Profits can be extracted via salary or dividends both of which are subject to income tax and national insurance at varying rates depending on the level of income received by an individual within a tax year.
The key question to ask is “What is your intention for the profits?”
>See also: Landlord tax relief changes: Why property owners should consider a limited company
If the intention is to reinvest proceeds or to build up cash reserves, a corporate wrapper may be preferential because if the profits are not required to be extracted then they are not subject to income tax. If the property is held in personal names those profits are taxed on receipt.
Individuals used to be able to claim interest paid on buy-to-let mortgages as a
Hot Business News Today
Which products have VAT on them?
by Anna Jordan • • 0 Comments
Originally written by Anna Jordan on Small Business
It’s vital for your business that you know which products and services are subject to VAT and at what rate.
There are five categories of product or service for VAT. The majority of goods and services are Standard rated (subject to VAT at the standard rate, currently 17.5 per cent), some are ‘Exempt’, some are or ‘Zero-rated’ and some are at a ‘Reduced Rate’ (currently five per cent). Others are outwith the scope of VAT, which we’ll talk about in a minute.
These rates may only apply if certain conditions are met or in particular circumstances, depending on some or all of the following factors.
Who’s providing or buying them
Where they’re provided
How they’re presented for sale
The precise nature of the goods or services
Whether you obtain the necessary evidence
Whether you keep the right records
Whether they’re provided with other goods and services
Other conditions might also apply.
>See also: 7 tax myths for small business owner/managers exploded
Food and drink for human consumption is normally zero-rated, with the exception of catering, alcoholic drinks, confectionary, crisps and savoury snacks, sports drinks, hot food, hot takeaways, ice cream, soft drinks and mineral water.
Restaurants must always charge VAT on everything eaten either on their premises