What Important Taxation VAT Accountant

A VAT accountant or professional will be able to give great valuable advice to any businessman, and help them understand all the requirements for VAT payments in order to make sure that they avoid being penalized for non-payment of VAT at the correct time. This article looks at how accounting firms can utilise their expertise to help save businesses money from over-payment of VAT.

What is VAT Professional

VAT is one of the most complicated taxes in the UK. For this reason many businesses are finding it more useful to employ the services of a VAT professional to help them keep track of their tax obligations. While many accountants will have had some experience of VAT and may be aware of the many factors which affect it, there can be vast differences in the way that different accounting firms calculate the tax due.

One of the first steps that any business should take when preparing for VAT is to prepare a comprehensive accounting document. The document needs to list every sale and purchase taking place in the course of a year, and this information needs to be accurate as well as complete. VAT accounts must be prepared both on a regular basis and kept on file at the VAT office in your area. Many accounting firms are also able to offer these services, but it may be worth hiring an external accounting service to help with the preparation of this documentation and for the review it must be given.

Accounting Firms in the UK

There are many different accounting firms in the UK that are able to offer VAT assistance. These include accountants who are members of the Institute of Chartered Accountants of England & Wales (ICAI Excellence), accountants who are members of the Institute of Chartered Accountants of Scotland (ICAS) and accountants who are members of the Institute of Chartered Accountants of Northern Ireland (ICAN). There are also companies that have been approved by the government as being capable of providing this type of service. These include accounting firms based in the UK and accounting firms based in the regions surrounding the UK. It is important to note that not all accounting firms that offer this type of service are equal. Therefore, it is necessary to shop around carefully in order to find a suitable firm for your needs.

When shopping around, it is advisable to visit at least three firms that specialize in this area. This ensures that you get the best advice possible and that each of the firms that you visit are being independent and impartial. If you choose to deal with a local accounting firm, you should ensure that they are not associated with any VAT provider, as this can often lead to conflicts of interest. Instead, you should seek accounting firms that are not associated with any VAT provider. It is also important to check that the accountant that you choose is properly accredited, as this will help to ensure that they provide a quality service.

A good accountant will be able to work with you to ensure that you minimize your tax liability. The accountant will review your business documents, looking for any areas that could be open to tax avoidance. For instance, they will look for any business assets that can be sold in order to minimize the amount of tax due on them. If you have employees that are based at one location, it may be possible to get a discount on the cost of running the business.

VAT Exemption Procedures

Another way to minimize the tax due on VAT is to keep receipts for every purchase you make. This documentation will enable the accountant to provide you with an accurate assessment of the tax due on any VAT-related transactions that you make. If you have clients who live outside the UK, you can still obtain VAT quotes from a UK-based accountant by using the online UK VAT supplies website. The website will allow you to enter your company’s VAT number, which will then be forwarded to the UK tax authorities for assessment.

A VAT accountant can help you avoid paying too much tax or too little tax, depending on the type of business you operate. A professional tax accountant should have extensive experience in this area. They should be familiar with the UK tax codes and the VAT exemption procedures that you need to follow to claim tax payments. You should be able to trust your accountant to arrive at an affordable fee that takes into account the specific circumstances of your business. If you have any doubts about the impartiality of the VAT accountant you choose, you should ask the company for evidence that they are members of the Institute of Chartered Accountants in the UK.

All travel companies, are you still not using travel agency software?

Travel is a vast topic to discuss and so is the travel industry. Once you are linked to the travel business/ travel industry so many things you need to take into consideration. Travel service comes with serving the customer with the best possible means to give them the best traveling experience, and managing different aspects of the travel industry. When talking about the travel field, the bigger your business is, the more difficult it will be to manage it and that is where automation comes in. Now the question is why automation or the use of the software is needed to manage it?

But as already mentioned, there are so many things that travel operator needs to take care of like, managing customer-related tasks, inquiries, suppliers, accounts, company reports, HR management, travel company promotion and so on. If you are a small level travel company then initially you might not need any travel agency software to manage it but eventually, as you expand your business then use of the software will not only ensure smooth achievement of your travel business goals but also, in turn, boosts your travel business with its effective solutions. Let’s see how iTours- Complete Tour Operator Software can help boost your travel business.

CRM (Lead Management): CRM stands for Customer Relationship Management. As the customer is the core part of your travel business, they require special attention. Managing the good relationships with customers includes giving them the best traveling experience with entire travel service right from booking their tickets, providing them personal login credentials to track booking status, quick support to customer inquiries and managing them effortlessly. All these aspects are difficult to manage without the use of any technology. The use of Travel CRM software benefitsa lot to the travel company. iTours not only automate these tasks for you but saves your effort and time and thus provides quick and effective results. What else customer expects from you, easy personal login, easy status tracking, support to queries, quick response to inquiries and last but not the least is good service.
Suppliers Management (B2B): Supplier is the other important parameter of the travel business. As the traveling service is not only restricted to booking customers tickets, it is way more than that now. Services can range from booking tickets to arranging good quality meals, hotel arrangements and so on. So here suppliers come into the picture. Like customer relationship management, supplier management is equally important. Suppliers can be hotel suppliers, food supplier, visa/passport agent; transport suppliers, etc. iTours provides ultimate B2b solution. It gives you the facility to save multiple suppliers, provide them individual login like customers, easily make updates like (number of customers, type of service) into the software so the supplier can view the details at their side and can make necessary arrangements. So, in turn, this software saves your time of informing every supplier manually about the service you seek from them. iTours does it all for you.
Accounts and Finance Management: This is a crucial part of every business. Along with customer and supplier management travel agency accounting software can be used to manage entire accounts of the travel business. Travel accounting software benefits in auto-generation of invoice, receipts, profit, tax and many more. iTours allows you to manage your multiple bank accounts, add tax%, manage cheques, quotations, invoices, payments, receipts, sales, and purchase hassle-free. Manually managing all these tasks is almost impossible and a hectic job and is susceptible to errors which in turn can impact your business badly. iTours is the perfect software solution that manages all accounting activities with ease and thus provides integrity and accuracy.
MIS Reports Auto-generation: MIS stands for “Management Information System.” The information system plays a vital part in travel business success. Information is a very important and effective parameter that helps to create a new strategy for travel companies based on available information. The availability of valuable reports and information about various sectors of the travel industry can help travel operators to make new decisions that can drive sales to their business. iTours comes with MIS reports feature that helps travel industries to get multiple reports like an entire business reports, accounts report, HR report, tour reports (tour summary, package tour, group tour), etc. Thus travel companies can get a clear insight into these multiple factors and can find out pitfalls in their travel business and take necessary steps.
HR Management: Along with the above-listed factors iTours provide HR management features. It easily manages all human resource-related activities of your travel company. Managing daily activities, user attendance, user salary, user performance, etc can be easily done with iTours.
Business Promotion Without spreading positive word of mouth about your travel business, you cannot grow travel business and promotion feature helps with that. iTours facilitates easy promotion through various channels like WhatsApp, SMS, email, etc. It is a perfect system to promote special offers and discounts to your users.
Manage Tours: This is the most important and complicated task in the case of the travel industry. Managing complete information about different types of tour packages such as group tour, package tour, business tour, itinerary details, travel dates, etc is a big hassle when doing it manually. iTours creates a great platform to manage all these tours easily. You just need to add tour details (package/group tours) only once in the system and it will fetch all the information related to the tour, via, airline, excursions and many more. You can create these tours based on destination and duration. iTours has defaulted in build list of many cities, airlines, states, inclusion/exclusion, destinations which makes your job easier to fill this information.
Other Perks: When you think of using tour operator software to manage travel business, then it should be a complete package that satisfies all your travel business-related needs and iTours is the perfect answer to that as it satisfies all the key needs of travel industry and along with that gives you multiple additional features like, Inventory Management, Hotel Tariff Management, Live Booking for Franchisee, Customized Quotation Tool, Customized Service Vouchers, SMS and Email Notifications to clients, Lead Management, User Roles Management, User Data Sharing Permissions, Interactive Dashboard for Individual Role (Admin, Back-office, Sales, Customer, Supplier), Multiple Invoice formats, Payment Alerts & Reminders, Enquiry Follow-up Alert & Reminders, Services wise Auto Terms & Conditions, Tour Task Checklist & reminders, Pre-requisite information like City, State, Airport, Airlines, Destinations, Gallery, Email Drafts, Transport, Visa Documents, Accounting Groups, Accounting Ledger.
Summing It Up: iTours is the leading tour operator software which satisfies all travel business management related needs. It gives an efficient way to manage travel business with its unique features. If you are interested to know more about iTours then please visit our website: www.itouroperatorsoftware.com

How IoT is Revolutionizing in Today’s World

Internet of things is booming technology in today’s world. It is a platform where we can connect everyday things embedded with electronics, software, and sensors to the internet enabling us to collect and exchange real-time data. i.e. Internet of things is the collective platform where all of the smart devices are connected to the internet to give real-time data. This system allows greater transparency control & performance when applied to any industry or system. This can improve in the collection of data, increasing levels of automation and it allows for multiple devices to be monitored from any devices, such as phone, or laptop.

Working Principle of IoT Technology

IoT Applications addresses its key areas of networking and action through platforms, embedded systems, partner systems, and middleware. These applications are responsible for the collection of data, integration of devices, generating real-time analytics and process extension within the IoT field.

Data Collection: It uses specific protocols to aid sensors in connecting with real-time and M2M networks. After that Sensors collect data from multiple devices like smart appliances, smart wearables and many more and distribute it following IoT platform. All this data may have various levels of densities. Example: A smartphone is a device that has different sensors like GPS which is used to track real-time location.

Device Connectivity: A IoT sensors or devices can be connected to the cloud server through various communication mediums as: Bluetooth connectivity, WIFI, LoRAWAN, Cellular, satellite or connected directly to the Internet via Ethernet. Choosing which connectivity will best come down to the particular IoT Applications.

Data Processing: The massive amount of data collecting from IoT devices/sensors must be processed before the data can be used. Several things must be considered before processing of data
• Data should be transformed in a uniform format to ensure that the format must be compatible with the application.
• Stored a backup of transformed format.
• Filter unwanted data to help in improving the accuracy of data.
• Integration of additional structured data from other sources to help enhance the current data set.

Real-time Data Analysis: IoT platforms to assist analytics on data streams. IoT applications collect data from various sensors/devices and convert them into actions or clear patterns for analysis. They explore various information based on settings & designs to execute automation related tasks or provide data requisite by industry.

User Interface: The information is made available to the end-users in some way by notifying the end-user through emails, sending messages to a device such as phones or triggering alarms. However, it’s not always this informal and a one-way path. Depending upon the IoT applications and its difficulty, end-users may also be able to implement an action that may fail & affect the system. For example, a user detects some errors in the Air conditioner, the user can remotely adjust the temperature via their phone.

This is the working principle of IoT devices.

Impact of IoT upon different Industrial Sector

Internet of Things technology is one of the driving forces behind the Industrial sector. Industries like Oil & Gas, Transportation, Energy, Water, Hospitality, Agriculture and many more, embracing the IoT is helping these industries perform more effectively and efficiently.

Industrial IoT in the Transportation Sector: The transportation sector has been considered as heavily investing sector in IoT platforms. Older vehicles are being replaced by smart vehicles using IoT systems and communication technologies to generate essential information for the management of fleet operations. IoT sensors/devices used in vehicles and collects, send and receive data. After analysis of this data, truck drivers are sent real-time alerts to avoid precarious conditions and traffic jamming. IoT sensors have made cargo monitoring more secure and efficient.

Industrial IoT in the Energy Sector: IoT in energy is transforming in every part of the industry from generation to transmission to supply and changing how energy industries and consumers interact. IoT can help transform energy consumption by creating a smart grid connecting not only power stations and transmission facilities, but also control device like thermostats/sensors, energy meters, and other electric appliances to consume power optimally based on need and to supply power at off-peak times if need be to lower costs. IoT also helps maintain transmission grids by forecasting failures and detecting blockers allowing for continuous power transmission.

Industrial IoT in Oil and Gas Sector: Industries associated with the Oil and Gas are henceforward always in search of riggings and technologies that can help them to counter these complications. IoT technology is among one the technologies that with its analytics and devices abilities is permitting the Oil and Gas industries to get rid of these complications. IoT technologies allow oil and gas industries to track the performance of their oil extraction equipment from remote locations in real-time. Oil and Gas pipeline monitoring is the best benefit of the Oil and Gas sector. IoT technology is used for the measurement of the level monitoring of the Oil and Gas tanks.

Industrial IoT in the Water Sector: IoT technology used in water sectors to monitor real-time water consumption and level of the water tanks. IoT enabled smart water meters to monitor temperature, pressure & quality of water (PH, Turbidity, Temperature, Dissolved Oxygen, TDS, Salinity, etc.). IoT smart water meters are used to get real-time monitoring of the pipeline, smart water meter sends the alerts about the leakage & temperature and prevents water pipeline from the bursting. IoT technology gives complete control by synchronizing the system with mobile devices through mobile and web app for simple and precise controlling of water consumption.

Conclusion: There are several innovations that are done because of IoT technology. IoT technology is revolutionizing the world by making the world smarter in every aspect, either in homes or industrial sectors. However, It is important for every sector or industry i.e big or small needs to configure IoT technology to develop their business. IoT technology also helps to hold huge potential for everyone how to better engage and satisfy their consumer.