Tax compliance challenges engulf accountants and taxpayers. One of the best attributes of a GST accounting software is to effortlessly create GST ready invoices, file returns, and generate reports. While exploring the software solution, you should cover the following bare minimum.
1. GST Compliant Invoices
Technically, a GST-compliant invoice must include the following:
GSTIN
HSN/SAC Codes
Applicable GST Rates
Various taxes like IGST, SGST, UTGST, etc.
One may commit manual errors and spend a lot of time handling these tasks. Therefore, a good GST accounting software should handle these tasks efficiently.
2. GST Ready Reporting
Reporting plays a pivotal role, where taxpayers have to file monthly/quarterly/annually returns. Having a GST accounting software eliminates those troubles for taxpayers or accounting professionals.
3. Input Tax Credit Match/Mismatch Reports
Calculating the Input Tax Credit may cause a headache for taxpayers. Therefore, the GST software must enable ITC calculation accurately through the ITC Match/mismatch reports. For instance, it exemplifies differences between supplier and purchaser invoices. This helps in taking further action, when needed.
4. Cloud-based Technology
While we’re always on-the-go these days, cloud-based technology has helped ease various problems at once. The online accounting software helps with tracking expenses, managing customer data and vendor account data, create GST reports, generate accounting reports, create GST ready invoices, access business position, etc. We recommend you choose cloud-based software for easy access anywhere, anytime.
5. Automatic Tax Calculation
Most of the mistakes occur due to inaccurate tax calculation. Taxpayers need to find their tax liability for timely payments. Therefore, you should assess for a GST software that enables you with accurate automatic tax calculation feature that helps you avoid errors while determining tax amount.
GK Kedia tax consultants can help you minimize your tax liability, capitalize on tax deductions and manage your tax situation in India.
They are capable and expertise in tax law, tax planning, and tax compliance.
My Tax Lady provides tax services, tax planning, tax liability, corporate tax preparation and bookkeeping solution.
Contact your Business Tax Advisor In Mesa today.
The Canada-United States border, known as the international boundary, is the longest international border between two countries in the world.There is a team of cross border tax planning professionals who will help you in implementing and developing an efficient cross border strategy.
They help you to legally and successfully reduce your tax liability in the Canada and U.S. to support your cross border lifestyle.If you are an American moving to Canada or you are a Canadian moving to U.S., it’s important to plan for the minimization of taxes.
The advisers develop specific tax planning that minimizes your overall tax obligations through eliminating double taxation.
Corporations that are planning to move and conduct business across the border, advisers develop a cross border corporate structure that can reduce overall tax liability.Key elements of cross border tax services• Canada and U.S. tax preparation, including all provinces and states• Tax preparation for Canadians living, working or investing in U.S.• Must need to have tax planning for Americans, working or investing in Canada• Tax planning for Canadians too if they are moving to the U.S. and same US citizens moving to the Canada• Reporting of Canadian financial accounts in the U.S.• Canadian and U.S. tax residency status determination• Canadian departure return and deemed disposition filings• US-Canada tax treaty elections review to eliminate double taxation• Canadian foreign tax credit claims in the U.S.• Comprehensive review of CPP/OAS taxation in the U.S. and social security CPP equalization• Tax advice for Canadians returning to Canada and Americans returning to U.S.The purpose of the cross border financial planning is to address your concerns, minimize tax and help you avoid costly mistakes.
Cross border financial planning involves clients cross border tax, estate, investment, retirement, tax filing requirements, health insurance, risk management and immigration planning needs.The cross border financial plan is a customized document that contains a detailed analysis of current Canadian and US laws and regulations and how it can be applied to specific client’s situation.There is a cross border team of financial planning experts, who helps you to develop and achieve your personal and family financial goals.
They tend to build a team around you specializing in disciplines like wealth planning, trusts, investment management, wills and estates, credit and insurance and business owner planning.Canada & U.S. cross border financial planning services• Tiffany Woodfield, Swan Wealth Management• MCA Cross Border Advisers Inc. Montreal• MCA Cross Border Advisers Inc. Toronto• Cross Border Tax Services Toronto• Cardinal Point Wealth Management , LLC• Keats ConnellyView Source:- https://medium.com/@CardinalPoint/report-your-income-worldwide-with-financial-experts-bb98909db9da
VAT RETURN FILLINGWhat is the VAT Return: The official document to be completed by the Taxable Person and submitted to the Federal Tax Authority (“FTA”) at regular intervals detailing any output tax due and input tax recoverable and including any other information that is required to be provided.
The standard Tax Period applicable to a Taxable Person shall be a period of three calendar months ending on the date that the FTA determines.
The FTA may, at its discretion, assign a different Tax Period, other than the standard one, to a certain group of Taxable Persons (e.g.
Where a Taxable Person is assigned the standard Tax Period, he may request that the Tax Period ends with the month as requested by him, and the FTA may accept such a request at its discretion.know here Vat return filing date in UAE, The VAT Return must be received by the FTA no later than the 28th day following the end of the Tax Period concerned or by such other date as directed by the FTA.
The VAT Return must be received by the FTA no later than the 28th day following the end of the Tax Period concerned or by such other date as directed by the FTA.
Where a payment is due to the FTA, it must be received by the FTA by the same deadline.Understanding tax liability Below are some key terms with respect to the operation of VAT, and how these could impact a Taxable Person’s tax liability.vat_consultant_in_dubaiTax PeriodA Tax Period is a specific period of time for which the Payable Tax shall be calculated and paid.
DESCRIPTIONLIVE ONLINE TRAINING COURSEUnderstanding how to calculate tax for employees in 2 or more states can be confusing.
Plus what state laws for payroll need to be followed when employing employees in more than one state.
To better understand the laws in each state and the tax guidance on how to determine taxation when employees live in one state and work in another.
Or for employees that work in multiple states for travel for work.
Also, other state laws that affect payroll will be discussed.Read More.SESSION HIGHLIGHTS:Telecommuting and why it creates a tax liability for employersResidencyReciprocity AgreementsResident/Non-Resident Withholding RulesEvaluating taxation for multiple statesWhat wages are subject to taxation?Withholding compliance issuesState Unemployment InsuranceTraveling EmployeesAdministrative ConcernsHR ConcernsLocal tax residency rulesCase Studies SIGN UP NOW
