The Temporary VAT Rate Cut in the UK
UK has announced a temporary cut to the VAT rate from 20% to 5% on supplies of food, accommodation and attractions from 15 July to 21 January 2021.
Deferral of VAT payments of the UK companies due to COVID-19
After the Chancellor’s announcement on 20 March 2020, if you are a UK VAT registered business and have a payment due between 20 March 2020 and 30 June 2020 (VAT quarters ending February, March and April) you have the option to: defer the payment until a later date make the VAT payment as normal…
The deadline for Finnish annual report has changed due to COVID-19
Finnish Tax Administration (Vero) extended the deadline for submission of annual reports and tax declarations for the fiscal period of 1 January – 31 December by one month, the new deadline being 31 May 2020. Since 31 May is Sunday, the documents can also be submitted on Monday, 1 June 2020. Extension of the deadline is applicable for both, Finnish and foreign companies who have the tax obligation in Finland.
Important news for companies operating in Sweden
We would like to share some latest news and updates that affect many entrepreneurs and companies operating in Sweden. Corporate Income Tax Rate decreased from January 1st 2019 From January 1st the Corporate Tax Rate in Sweden decreased from 22% to 21,4%. From January 1st 2021 the rate will decrease even more, to 20,6%.…
E-Residents: Start an Estonian company with a bank account from Wise
Setting up your Estonian company with its own bank account details is now much easier with 1Office’s recent cooperation with international money transfer provider Wise. Customers can now establish a company, open a bank account and add other necessary services from one place. And all this can be done online and with only a few…
UK tax system going through a change: Making Tax Digital for VAT
The UK government and HMRC have the ambition to become one of the most digitally advanced tax administrations in the world. As of today, every individual and business in UK already has access to their own personalized digital tax account. The personal tax account can be found in gov.uk website and you need to have…
Here’s why tax evaders are disappointed in Estonian e-Residency
Dmitri Jegorov, the Undersecretary for Tax and Customs Policy at the Estonian Ministry of Finance and member of the High-Level Working Party on Taxes at the EU Council, wrote a blog post for E-Residency blog. The original article can be found here. Estonia has a transparent business environment that provides trust to legitimate entrepreneurs.…
Changes in Estonian tax system from 2018
In 2018 several changes come into force in Estonian tax system and almost every company and person will be influenced by the changes to some extent. Changes for companies Starting next year companies will have tax rates of 20% and 14% for taxable distributable profit and non-taxable profit. Read more here. For company…
Changes in Latvian taxes from 2018
In 2018 several changes take place in Latvian tax system. Like anything new, the changes in the system will take time to get used to and will initially create more work for accountants. In this article, we bring out the most important changes. In quite many changes Latvia actually follows the lead of its neighbor…
14% income tax rate to be implemented on corporate income tax starting 2018
Until now, the Estonian tax system has been quite simple. Starting 2018, things will, however, get a bit more complicated, since under certain conditions a lower tax rate is also to be used. This article will shed a bit of light on the details surrounding the corporate income tax – who pays what?