What Would be The Appropriate Way of Dealing with Taxes

From 2021, however, the cash criteria will be utilized, which will take into account only expenses that have already been paid and revenues that have already been received with ภพ 30.

What if your company is just getting started?

In this instance, you may generate an estimate of the expenses and use the simplified accounting regime for the first year, and then assess whether or not the projections were met at the conclusion of the fiscal year. If this is not the case, the transition to the regular regime will be required.

  • It must also be taken into consideration because some businesses engage in many activities at the same time, and may thus provide both services and goods. In this instance, which income threshold applies?
  • It may be summarized as follows: different registrations are required for this sort of activity, and the principal activity will be the one that defines the threshold that will be taken into consideration.
  • If this difference is not established, the activity of providing services will take precedence.

The sort of business and the structure of the business

Another one of the reduced accounting needs is the business form, which is notably the subjective one in nature. In order to benefit from the streamlined accounting system, the corporation must meet the following requirements:

The following terms are used: individual commercial business, de facto company, limited partnership, collective name, permanent company.

If the simplified accounting sole proprietorship and professionals simple accounting are included in the list, the simplified accounting is acceptable.

The inclusion of certain corporate forms in the list immediately entails the exclusion of all other corporate forms that are not included, prohibiting the implementation of a streamlined accounting regime.

Who is not allowed to participate?

  • Entities both public and private that engage in commercial activities
  • Organizations inside a company
  • Associations that have gone unnoticed

This leads to a misunderstanding of the term “little firms” when it is used to describe businesses that are subject to simplified accounting rules.Papers Certain documents, such as the purchase VAT register, the sales VAT register, and the receipts and payments register, continue to be required even in the event of simplified accounting.

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