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Who should register You may have to register with   HMRC   if your business operates as a high value dealer. A high value dealer under Money Laundering Regulations is any business or sole trader that accepts or makes high value cash payments of €10,000 or more (or equivalent in any currency) in exchange for goods. This includes when a customer deposits cash directly into your bank account, or when they pay cash to a third party for your benefit. HMRC   considers a high value payment to be: a single cash payment of €10,000 or more for goods several cash payments for a single transaction totalling €10,000 or more, including a series of payments and payments on account cash payments totalling €10,000 or more which appear to have been broken down into smaller amounts so that they come below the high value payment limit You need to register if you accept or make high value payments for the following: single high value cash payments for a large quantity of low...

European Union has adopted a new directive on payment services (PSD2) to improve the existing rules of PSD1 and take new digital payment services into account. The requirements of the new EU Directive (PSD2) on the commission applicable to payments in EU and European Economic Area (EEA) enters into force on January 13, 2018. Find out what will be changed! From now on the banks will be able to execute all the payments in EU and EEA, regardless of their currency, only with a charge option “SHA” or “shared” - applying charge option “OUR” will no longer be possible. This requirement applies to payments in any currency. This means that, when executing a payment and paying the commission, the beneficiary bank will charge commission for the incoming payment and commissions of a corresponding bank, if any. As a result, there might be a situation that a smaller amount will appear on the receiver’s account than initially transferred. Exact expenses of all corresponding banks currently are ...

A commenter left this note on one of our recent articles,  10 Items That Belong on Your Commercial Invoices : “Nice overview of elements of a commercial invoice. I was glad to see the interesting note on the whether or not to include HS numbers. This is coming up more and more with clients.” Her comment gave me a thought: As a rule, I encourage exporters to include Harmonized System (HS) numbers on their commercial invoices. Correctly applied, HS numbers can help ensure your exports make it through customs without delay and get delivered to their final destinations, which can help you get paid faster. However, as the reader noted, while most businesses consider it a best practice to include HS numbers on their commercial invoices, there are certain situations where including a HS number could actually backfire. I've come up with two reasons why you might not want to include HS numbers on your invoices: 1. Your Importer Asks You to Use a 10-Digit Code While your custom...

A commercial invoice is a formal request of reimbursement by the seller to the buyer. For your export shipments, it can serve several added functions: The destination country requires it before clearing the goods through customs. If there is an insurance claim on the shipment, it serves as a key supporting document. The buyer uses it to release funds through its bank to the seller. A bank examines it before reimbursing funds under a letter of credit or documentary collection. U.S. export regulations require that exporters retain it for five years from date of shipment. Exporters can use it to support foreign credit risk insurance claims. In order to meet all these requirements, the commercial invoice needs to include, but is not limited to, items in the checklist below and will mirror the details specified in the quotation, purchase order, and order acknowledgement. A commercial invoice is   not   a proforma invoice, which is a preliminary invoice. A proforma invo...

How to open US bank account as Non-resident Opening a Bank Account in the US for Incorporated Businesses   without SSN and any travel to the US . One of the first things that you need to do after starting a business in the United States is to open a bank account for the incorporation and LLCs). When you get a bank account, you can open PayPal, Stripe and other merchant accounts. Our   All in Package   includes everything to open a bank account and maintain your business. What should I provide to open a bank account for my business? Generally, most banks ask for the following to start a new account: 1-)   The authorized certificate of incorporation (or the operating agreement for the LLCs), 2-)   Federal tax ID number (a.k.a. EIN) 3-)   Physical Address in the US ( to deliver your monthly statements and bank letters.) 4-)   A valid ID of the company owners or members. The banks in the US are regulated mainly by the federal law; however, the ...

What's this? VAT lookup enables you to lookup and verify VAT numbers. You can also check VAT numbers by company name so you can find the vat registration number. Source:  http://www.vat-check.co.uk/

 If you are VAT registered in the UK, it is a given that you can reclaim any VAT you might be charged by a UK supplier. Common EU Suppliers But what can you do when an EU supplier charges VAT on their invoices? The most common ones we see with our client’s accounts are Microsoft, Google Apps, Google Adwords and Facebook. All of these suppliers are based in the Republic of Ireland which sits outside the EU and charge Irish VAT. Can’t I just reclaim the VAT in my normal VAT return? No! You can’t reclaim the VAT that you might be charged on EU suppliers back in your UK VAT return, even though you can see the VAT %, the VAT amount and the VAT number on the invoice. The invoice may look like any other UK supplier invoice but the supplier is outside of the UK so you can’t treat them in the same way. So what do you do? Don’t get charged the VAT in the first place! If you provide your VAT number to an EU supplier, then they will zero rate your VAT and charge vat ...