After starting an accounting business, there are ongoing requirements to fulfill to stay in good standing with the state and local governments. For example, LLCs, PLLCs, and PCs in most states must file an annual report each year and show proof of a valid certification. An accounting business registered as a corporation will have more compliance obligations than an LLC. Besides annual reports, they must hold annual meetings, prepare meeting minutes, uphold bylaws, and follow other rules. The business compliance requirements for each entity type vary by state. To take the mystery out of what needs to be completed and the deadlines by which filings are due, consider using CorpNet’s Compliance Portal.

Review financial statements and go over problems so you know where your money is going. Your accountant should go beyond number-crunching to suggest alternative ways of cutting costs and act as a sounding board for any ideas or questions you have. Additionally, you should be able to trust your offshore accounting firm to manage your data securely. Offshore companies with skilled and trained employees will be able to manage accounting tasks efficiently — than unskilled employees. That’s why you must ensure that the outsourced accountant can carry out accounting swiftly and with perfection. Year-ending accounting involves collecting financial statements and past due invoices, cross-checking payroll and bookkeeping, organizing business receipts, etc.

Read more about Accountancy Services here. When considering the costs of accounting services for your small business, you should also weigh the costs of other services that can help you run your company. These services can include bookkeeping, taxes, payroll, and more. Hiring an accountant can save you money in the long run and free up your time to focus on other aspects of running your business. How much will you be paying for these small business accounting services?.

ESG accounting services can optimize your company’s strategy to stay compliant and maximize growth. If not, talk to us about choosing and integrating the best solution for your business. Our accounting services can be adjusted to suit your specific needs – and we know how important the right software is for business growth.

The work they do must be of precise quality to keep you and your business out of trouble with Uncle Sam. The IRS doesn’t like it when details are left out, calculation errors are made, or information isn’t completely accurate. A professional accountant reduces the risk of mistakes and the right accountant will stand behind the service he provides. Outsourcing an accountant is a highly cost-effective method for obtaining the expert advice and personalized attention of a qualified accountant. According to Northwest Staffing Resources, a salaried employee can actually cost about 57% more than his actual wage because of such benefits as health insurance, sick days, and vacations.

How Much Does Restaurant Accounting Cost and Why?

Outsourcing this headache comes with a lot of benefits and more and more businesses turn to accountant professionals to take care of these tasks. Virtual bookkeeping services can also work with on-premise solutions, but a virtual bookkeeper will have a harder time importing/exporting data from bank accounts and financial transactions. You can access accounting services for free through DIY methods, or free software. Cloud-based software has evolved to produce efficient and helpful tools to assist you with services such as bookkeeping and payroll. However, you might find it more useful to opt for a package with an accountancy firm that includes all these services. Accountants can be paid annually, monthly, or hourly, depending on the number and type of accounting services you need from them. You can pay them by the hour, if you need an accountant for one-off services.

Where can I find a reliable accounting service?

The pricing of accountants depends on what certification of accolade they have. This factor alone can raise or reduce the potential fees despite the same geographic locations, services, and time. Your profit margin is the amount of profit you want to make on each accounting service you provide. Consider factors such as your operating costs, competition, and the value of your services when determining your profit margin.

Income tax returns become more complicated when you run your own business. Instead of paying your taxes at the end of the year, you’ll need to set up quarterly estimated tax payments. You’ll also need to track tasks like calculating capital gains, asset deductions, and fringe benefits tax. When you hire an accountant, you’re also paying for their knowledge, experience, and industry know-how.

Tax professionals may save you money and time, and ensure you are following relevant tax rules for business owners. The cost of hiring a professional accountant to do your taxes varies based on your situation and what tax forms you are required to file.

How much should I charge as a consultant?

Read more about Online Accountants here. Another way to demonstrate your industry expertise is to look for volunteer opportunities with business nonprofits, like SCORE, that might welcome presentations on tax tips and other finance subjects. Our approach to accounting gives each of our clients a personalised, bespoke experience tailored to their specific needs. We provide cheap accountants for limited company with high quality of accountancy services. Accountants are also trained to catch mistakes, and can easily find errors and correct them before they turn into massive problems. Remember how many business owners hate doing this administrative work?. Score also found that 40% of small business owners spend 80+ hours a year dealing with bookkeeping tasks.

Online trading has given anyone who has a computer, enough money to open an account, and a good financial history the ability to trade the market. You don’t have to have a personal broker or a disposable fortune to do it, and most analysts agree that average people trading stock is no longer a sign of impending doom. A well-documented and detailed trading plan acts as the basis for the trading process. It is to prepare investors for potential outcomes and provide them with alternative options if the market does not perform as expected. At the end of each trading day, the exchanges “mark to market” every open position to avoid debt accumulating on trades. The exchanges may adjust the dollar amount on performance bonds at any time, increasing the amount due as market volatility rises or reducing the amounts if market volatility falls.

With CFDs, you can also get exposure to various markets via listed futures and options. But there are thousands of financial markets you can trade, and a variety of products you can use to trade them. He or she buys and sells bonds, shares, and assets on behalf of investors.

You can purchase international stock mutual funds to get this exposure. A 30-year-old investing for retirement might have 80% of their portfolio in stock funds; the rest would be in bond funds.

You can think of a cash account as a straightforward checking account. If you want to buy something using your checking account, you have to have enough money in the account to pay for it. Using a cash account, you have to have enough money to pay for the stock you want.

Order execution matters because filling an order at a higher or lower price will affect how much you pay to initiate a trade and how much you receive on a sale. Remember, though, in this age of high liquidity and active participation, we’re talking about a difference of pennies—or even fractions of pennies.

How to Manage Stock Trading Risks

Other clearinghouse members had to pitch in 107 million euros, or $121 million, to replenish the default fund. Usually, the spread between German and Nordic futures remained within a narrow band. But in August, a confluence of events pushed the gap far wider than Mr. Aas had wagered. The volume of transactions flowing through LCH has increased fivefold since 2008. The risks of relying so heavily on clearinghouses are hard to quantify, though, and there are many believers in the new regimen of oversight. The clearinghouses — owned by companies like Nasdaq, Deutsche Börse and the London Stock Exchange — could track such transactions and share information with regulators. But their importance to the global economy soared in the wake of Lehman’s collapse.

Determine how much you can invest – then buy

Some brokers also allow you to purchase fractional shares, which means you can buy a portion of a share if you can’t afford the full share price. Being a successful investor doesn’t require finding the next great breakout stock before everyone else. By the time you hear that a certain stock is poised for a pop, so have thousands of professional traders.

If you believe the asset’s price will decline, you can open a short position (sell) and still profit if your prediction is correct. With CFD trading leverage, you can have total market exposure for a less pricey initial investment (margin). After creating a demo account, we suggest you choose a stock and observe it for three to six months or until you’re confident with your preferred trading technique. Creating an account allows you to wait before trading your capital. A stock market crash is an unexpected and significant decline in stock values. Like the one that happened in early 2020, just before the COVID-19 epidemic started.

You’re our first priority.Every time.

If the price is higher in September, Jones will not make as much profit, but if the price has fallen, he will come out ahead. When you invest, the company may use the money to grow, purchase equipment, advertise, hire workers, research new products, or conduct many other business activities. Quantitative trading, also called quant trading, uses quantitative modeling to analyze the price and volume of stocks and trades, identifying the best investment opportunities. Our null hypothesis is that relative twin prices should be uncorrelated with everything. Our alternative hypothesis is that markets are segmented, so that relative market shocks explain movements in the price differential. Specifically, we hypothesize that stocks that are most intensively traded on a given market will comove excessively with that market’s return and currency. A penny stock is a share that has a value worth below £1 in the UK or below $5 in the US.

The value of shares and ETFs bought through a share dealing account can fall as well as rise, which could mean getting back less than you originally put in. Most trading platform providers require users to be at least 18-years-old to open an account. CFDs can therefore be used to hedge against existing portfolio holdings. For instance, if you hold a portfolio of shares in a particular sector but expect it to experience a short, sharp dip, you can use CFDs to short-sell your existing shares, hedging against this possibility. Stocks that demonstrate above-average share price appreciation over an extended period. You need to finish a few procedures when you sign up before you can start buying stocks to trade.

Read more about RBT here.

You’ll have to analyze your users’ feedback and keep adjusting the app and incorporating some features your customers thought were lacking. Choose React.js and Node.js if you’re planning to create a web-based app. The former one is used for the frontend part of the app — the interface with which the user interacts. Your app will run fast — it won’t annoy your users with glitches.

Two popular examples are the Vanguard S&P 500 ETF (VOO) and the Schwab U.S. Broad Market ETF (SCHB). If your company is interested in supporting future programmes, please reach out to Robert Russell, global head of professional trader qualifications at ZISHI, at Russell says the company branched out five years ago to teach university students after collaborating with the Sheffield Business School at Sheffield Hallam University.

You can trade without risking real money using our free demo account. Zenfinex offers over 500+ financial instruments to trade, like metals, forex, commodities, cryptos, and indices. If you invest all your money in a single stock, you risk losing it in a single day.

Stock buybacks and the issuance of new shares are possible for companies listed on stock markets. However, these transactions take place outside the exchange’s regulatory framework. Listed companies can conduct business with prospective buyers on stock exchanges, which are secondary markets. Trading in the financial market involves buying and selling assets to profit from the market movement. You might also picture that person yelling buy and sell orders on the phone with a stock market T.V. Or if you know a trader, their huge wins or losses may come to mind.

How AI Trading Technology Works for Stock Investors

Read more about Roberto here.

Borrowers must repay principal and interest over a specified time. With many brokerage accounts, you can start investing for the price of a single share of stock. Some brokers also offer paper trading, which lets you learn how to buy and sell with stock market simulators before you invest any real money. Stock trading involves buying and selling company shares that are publicly listed on stock exchanges with the aim of making a potential profit from share price fluctuations.

Fifteen securities exchanges currently are registered with the SEC. While numerous stock exchanges exist, most American stocks trade on either the New York Stock Exchange or the Nasdaq Stock Market. A stock, sometimes referred to as an equity, is a security — a financial asset that gives an investor fractional ownership in a given company.

What assets and markets can you trade?

Futures and OTC derivatives markets offer complex trades that include leverage. CCP clearing offers the markets stability and minimizes the chances of a trade falling through the cracks. The premarket and post-market sessions are called extended-hours trading. They allow investors more time in the market, though the options and liquidity available during these times are more limited.

According to Haight, while you don’t need to obsess over every little movement in the stock market, it’s worth paying attention to what’s going on with current and potential investments. If you are working with a stockbroker or financial advisor who is managing your investments, they’ll likely take care of buying stocks for you. Usually, they ask you to tell them how much you want to invest, your long-term investment goals, time horizon and risk tolerance.

You should also strongly consider starting your investment journey with a small amount of money that you are prepared to lose if the trades go against you. Instead, you could place a single CFD short position on the Dow Jones 30 and profit from any potential downturn in the index. It is important to understand that an index only represents the performance of a group of stocks, and trading indices does not mean you are buying any actual underlying stock to take ownership of.

Slow purchases can help decrease investors’ exposure to price volatility. You should open a long position (buy) if you think the asset’s price will increase. If the price change meets your expectations, you profit from the trade. Instead, they need to pay market rates to buy and sell securities. These financial products are tools for speculating the price movement of commodity futures contracts like crude oil.

@sharpiemarker  Do you know where  i could find the full list of online stores/services that accept paysafe codes ? For added paysafecard-use-convenience, you can create a Mypaysafe account as well as use the paysafecard mobile app available for iOS and Android devices. Paying in casinos with Paysafecard is as secure as possible. Feedback from other users proves anonymity and no theft of funds from vouchers.

My paysafecard provides customers with a complete overview of their current account balance and transaction history at any time. We’ll show you the available payment methods when you’re paying for your transfer. For most currencies, you can pay using your debit or credit card. The Paysafecard payment system differs from many similar products by the feature that it does not provide e-wallets or accounts at all. Such an option makes it possible to increase the security of the transactions and ensure their stable and fast flow even under conditions of maximum system loads. This company took a leading position in the world market.

It is entered in a special field located on the page of this payment system. The key advantage, in this case, is that there is no need to provide other people with your account number, personal data or other vulnerable information.

How To Get A Paysafecard Account?

Read on to learn how Paysafecard offers a flexible and convenient way to spend your money without risking your financial data. Transfer, top-up, withdraw and transact with your new account and debit Mastercard. We’re always up front about our fees, check our pricing page to see what you’d be charged if you paid with your card. We only accept Visa, Mastercard, and some Maestro cards.

Like all payment intermediaries certified by good online casinos, Paysafecard is under strict regulatory control. Paysafecard is operated by Prepaid Services Company Limited, headquartered in the UK. It has been developing actively and improving its services. Next, the user will have to enter a security code into the form (this code will be sent in an SMS message to the mobile phone). After entering this code, the user will be able to start using their page and playing in the casinos. Registration in PaySafeCard on the official website is free. The user only has to enter an email address and accept the terms of use of the platform in order to start playing at the casino with PaySafeCard.

Where can you buy crypto with Paysafecard online?

EToro is one of the few platforms that incorporate various payment processors, making it simple to trade Bitcoin using Paysafecard. Paysafecard protects your bank or credit card information by encrypting it. Email, live chat, call center, social media support, forum support, and self-service support are all available from Paysafecard customer service team. After finding a necessary place, you should visit a page with a Paysafecard shops list. The launch of MyPaysafecard was a great success for the Paysafecard Group, according to company representatives’ words. This service is used in Belgium, Denmark, Finland, France, Greece, Great Britain, Ireland, Latvia, and many other European countries.

You just need to get a voucher that already contains a certain amount. Read more about buy paysafecard online here. Paysafecard provides reliable protection, which contributes to the full safety of the winnings and ample opportunities for its further use. A special PIN code, which consists of 16 digits, is the basis for the security of your money at any time. Another interesting feature is the fact that Paysafecard is very often found in various online casinos. Thanks to such a payment system, you can quickly transfer even a large amount of money. The combination of these two components is key for players when choosing a means of payment. Plus, you have the ultimate private payment method with the option of buying these cards using cryptocurrency.

As long as the network you’re using is hack-proof, all information sent between your device and Paysafecard’s servers is hack-proof and encrypted. Malicious parties intent on stealing data are becoming more of a risk
due to the nature of data sharing and technological advances. So it’s
more important than ever to take sensible steps to protect your data and
money. They can be used by many people who may not otherwise have ways of buying online or worldwide. Once you’ve chosen your store, it’s time to purchase. Your first
decision here is to select a denomination. You can opt for as low as $10
up to as high as around $200.

The card does not contain any personal information and is not attached to your account data. This means, using Paysafecard, you can make deposits at a casino without revealing any information about yourself. Thus, the service allows you to make anonymous purchases on the Internet, which significantly increases its security.

It is dynamic, always following the latest trends, and is also known for offering its customers thousands of casino payment options, such as prepaid methods. Moreover, it provides access to more than 650,000 retail outlets.

If your form is not validated, the goods will be considered as not having left the EU and, thus, not eligible for a tax refund. Read more about Tax rebate specialists UK here. All your invoices have been uploaded in the app, your ZappTax tax-free form has been sent to your email box and all your purchased goods are in your luggage. But there’s a last yet very important step left to get your tax refund… HMRC guidelines clarify that “Rather than stating the name of the product, process, functionality, etc, being developed you should consider what scientific or technological advance is being sought. This focuses attention on the project’s aim for an advance, which is the key issue in judging whether R&D for tax purposes is being undertaken. Science does not include work in the arts, humanities and social sciences (including economics). Many companies in the UK have lagged behind their European counterparts in applying for R&D credits.

Since the remittance basis can get complicated it is best to talk to a UK tax adviser for specific advice. You need to consider your own position, your long term intentions, and where you hold your investments, including rental properties, that are generating taxable income. In general, just like Australia, the UK taxes residents on their worldwide income. This means that UK tax residents have to pay tax on any income they earn, regardless of where the income is sourced.

It’s your responsibility as the business owner to calculate, pay, and report CT, which involves filing a Company Tax Return. Most businesses are automatically registered for CT after incorporation. This guide covers when to register for taxes and how to plan and account for them.

Who can help me with my J1 visa tax return?

The KZ index, SA index, and WW index are commonly used to measure enterprise financing constraints in the existing literature. This paper uses the method of Hadlock and Pierce (2010) for reference and uses the SA index to calculate the financing constraints of enterprises, as shown in Eq. The larger the SA index is, the greater the financial constraints of enterprises. Descriptive statistics of the primary variables in this paper are presented in Table 1.

Our focus on taxable income also results in an uneven treatment of pension contributions depending on how the contribution was made. Where contributions are made out of post-tax income (for example, into a private pension scheme), these are given relief against income tax but without affecting gross taxable income. However, contributions into some types of occupational pension schemes are deducted from the employee’s wages pre-tax (i.e. prior to operation of PAYE), and are therefore not reported to HMRC.

Best International Accounting Software for UK Businesses

In most cases, you’ll present your refund documents at the airport on the way home. Some stores may offer to handle the process for you (if they provide this service, they likely have some sort of “Tax Free” sticker in the window). In either case, you may need to get the documents stamped at the border, then mail them back; if the shop or agency never received the documents, they’ll charge the refund amount to your credit card. If you have made a capital gain through selling shares or an investment property, you can use losses from the same or a previous tax year to reduce it – you will need to register both on your form. You can no longer claim the Additional Personal Allowance on your U.K. In order to claim the Child Tax Credit, you must already get the Working Tax Credit. Some types of tax relief are applied automatically, but some you must apply for, such as office and travel costs, clothing expenses, advertising or marketing, and training courses.

Is my company entitled to interest on any corporation tax refund?

To meet this test, an individual must spend no more than 90 days in the UK during the tax year, of which no more than 30 days can be work-days. Many individuals who leave the UK for work aim to be considered non-resident in the UK under the automatic ‘full-time working overseas’ test. For information on obtaining an ITIN Abroad, please refer to the IRS website. To obtain the required ‘authorized’ copies, please set up an appointment for a notary service, as per our notary services page (true copies). If you work from home, you may also be able to claim a proportion of household utilities, such as heating, electricity, Council Tax, mortgage interest or rent, and internet and telephone use.

If you are lucky though, a customs officer will board the train before it gets to the border. Whether or not this will happen depends on the route of the train and the individual country’s internal procedures. Your best option is to ask at the station when you buy the train tickets. There is only one way in which you can totally sidestep paying Value Added Tax and that is to buy everything at duty free shops. Unfortunately, these are mostly located at international airports and their prices can be high. If you did not buy from one of these retailers, you will have to send the refund documentation via snail mail and wait until you get a response. If you paid for your purchases with a credit or debit card, remember to check your bank statements regularly.

Many people are recognising the benefits of filling in a self-assessment tax return online. At the moment, around 94% of all tax returns are being submitted in this way but you can also submit your return via paper form. If you pay tax at the higher rate of 40%, you can claim tax relief by making pension contributions when you declare your contributions on your self-assessment. Here’s a hypothetical example to show how the Additional Personal Allowance worked. Let’s say a widow named Olivia had a 12-year-old child living with her in 1998.

While fewer individuals are able to have all their remuneration taxed at a 10 per cent rate over a longer time horizon (with the P10 line higher in the 5-year view), it is also true that fewer individuals pay the headline rate of 47 per cent. Like Figure 2(a) (which shows the equivalent rates for just 2018), Figure D1 shows substantial variation in EATRs across individuals with similar levels of total income even when smoothing income and tax over time. Taking a 5-year view shows mean and median EATRs which are lower than single-year EATRs, indicating that over a longer period of time, more individuals can diversify their income towards including some lower taxed sources. Post-tax income is measured after all personal direct taxes have been deducted.

You’ll have to present your documents to a customs agent, whose stamp is required as “proof of export.” There could be a substantial wait, so be sure to get to the airport early. And you may have to present the items, so don’t pack them away in your checked luggage. You’ll need to provide proof of your “visitor” status—usually your passport, though you may have to show your airline ticket, as well—and fill out some paperwork. Many stores have relationships with refund companies such as Global Blue or Planet, which can streamline the process. Treasury estimates at the time of the reform estimated the additional tax revenue to increase from £0.2 billion to £1.8 billion over 2021–5 (HM Treasury, 2020).

We help people whose lives and livelihoods are shattered by conflict and disaster to survive, recover, and gain control of their futures in more than 50 countries and in 28 U.S. cities. Since the withdrawal of the UK from the EU as of January 1st, 2021, travellers leaving France and bound to the UK must now validate their tax-free forms at a French exit point. Also noteworthy is that as from that same date, UK residents are now eligible for tax-free shopping in all EU countries. Still for your purchases made in France, if your last exit point of the EU is from an EU country that is not France, you will need to have your forms validated by a Customs officer of that country. Since PABLO terminals are not available outside of France, the Customs officer will physically stamp it.

Read more about Tax rebate specialists UK here. That’s why tax experts advise people to check forms carefully to ensure they’re reporting data accurately. Filling out your tax return shouldn’t rely on “word of mouth or the honor system,” Cyr said. In the meantime, tax experts say there are some steps that taxpayers can take to help ensure a quick tax refund, which is even more important this year given that the IRS is starting with a backlog. National Taxpayer Advocate Erin M. Collins issued a report to Congress in January that warned she is “deeply concerned about the upcoming filing season” given the backlog, among other issues. The IRS on February 14 said tax returns with errors involving the third stimulus check, which are missing information or which have suspected fraud or theft could take up to 90 to 120 days to resolve.

How to Claim VAT Refunds

You can also claim higher rate tax relief on your pension contributions by contacting the HMRC tax office. This added pension relief is little known about and so overlooked that an estimated £830m each year isn’t claimed in tax relief. That’s because, unlike basic rate tax relief which is claimed and then added to your pension automatically by your provider, you’ll need to claim higher rate tax relief on pension contributions yourself. Exact timelines are determined by the IRS and are different for each refund, so it is difficult to put an exact timeline on your refund. The tax return processing time for paper tax returns is estimated at 4-6 weeks from the moment when the tax return is received by the IRS. Three in four Americans receive an annual tax refund from the IRS, which often is a family’s biggest check of the year.

How to file your UK taxes when you live abroad

Your accountant will discuss your company affairs and the options available to you if you do have trading losses. The good news is that if your affairs are simple – perhaps you have been dragged into self-assessment because of the high-income child benefit tax charge – you may be able to get it done in as little as minutes. When you make your purchase, have the merchant fill out the necessary refund document. Check the paperwork to be sure nothing important is missing, then attach your receipt to the form and stash it in a safe place. To get a refund, your purchase has to be above a certain amount, depending on the country. Typically, you must ring up the minimum at a single retailer — you can’t add up your purchases from various shops to reach the required amount — so if you’re doing a lot of shopping, you’ll benefit from finding one spot where you can buy big.

Filing your UK taxes overseas doesn’t have to be hard, but it must be done correctly if you want to avoid a hefty fine. If you are self-employed, you will need to log onto your business tax account and add an additional ‘self-assessment’ entry. If you haven’t created an online business tax account yet, you’ll need to do so before being able to proceed. In recent years in the UK, the HMRC has developed an increasing focus on crypto users and their trading activity. As a part of their efforts, they’ve put together a comprehensive manual covering all things crypto tax in their jurisdiction.

Reducing your liabilities when filing UK taxes abroad

Consequently, all of the individuals covered by our results are entitled to tax relief on gifts and pension contributions claimed through their tax return, as well as the basic rate relief provided at source. This aspect is important because—as we show in this paper—such variation can be substantial at the top of the income distribution and matters both for welfare analysis and policy purposes (Musgrave, 1959; Repetti and Ring, 2012). However, if it’s a ‘relief at source’ scheme, it’s a bit more complicated. Under these arrangements, your pension contributions are taken from your taxed income. Your pension provider will then claim basic rate tax relief (20%) on your behalf and pay it into your pension for you. But if you pay higher or additional rate tax, you’ll have to claim the outstanding relief you’re entitled to through your self-assessment tax return.

In order to address the endogeneity issue arising from reverse causality and other factors, this study aims to construct instrumental variables. Enhancing tax administration can help narrow the tax burden disparity among enterprises (Gordon and Li, 2009).

The baker reports the sale but only has to submit 20 cents to the government because she already paid 10 cents VAT when she bought the flour. Finally, the market sells the cake to a customer for $5, plus a 50-cent VAT. The customer pays $5.50 but the grocer only has to send 20 cents to the government to the government because he already paid 30 cents VAT when he bought the cake. The government still gets its 50 cents from the sale of the birthday cake, but it’s divided up along the supply chain — 10 cents from the farmer, 20 cents from the baker, and 20 cents from the supermarket. VAT is applied to most goods and services but if you’re planning on international travel, there’s a good chance you can get a refund on at least some of your VAT payments. The impact on EATRs when considering overall remuneration is even more striking.

Carrying forward excess input tax is one of the biggest cash flow concerns for VAT/GST payers. Accounting for input VAT/GST correctly and actively managing VAT/GST credits are essential aspects of any effective indirect tax strategy. A successful foreign VAT/GST refund claim depends on complying with all of the conditions imposed by tax administrations — in every jurisdiction where you want to claim. Understanding the detailed rules and thoroughly applying them can improve your chances of success in reclaiming foreign VAT/GST on your business expenses. Businesses currently outsourcing their R&D project work overseas in order to reduce costs will need to review their financial projections and arrangements for future years.