Expat US Tax’s Post

Avoid the $10k Penalty: Why Every Expat Entrepreneur Needs to Know About Form 5471 Operating a business overseas as a U.S. citizen? Don't overlook the importance of Form 5471. Failing to file can result in a steep $10k penalty, applicable to owners of foreign corporations, no matter the size. Our latest video demystifies the filing requirements to keep you compliant and penalty-free. If you want to dive deep into how Form 5471 fits into the international tax filing landscape, check out the latest installment in our Schedule K-3 Guide: https://lnkd.in/eGQ9VC33 #expat #internationaltax

Senior tax advisor Julian Payne explores how UK residents can operate an overseas business and the implications it will have on their trade. 👉Read more here: bit.ly/3VU1u2t #taxadvice #croneri #business

Senior tax advisor Julian Payne explores how UK residents can operate an overseas business and the implications it will have on their trade. 👉Read more here: bit.ly/3w0jI7J #taxadvice #croneri #business

Introduction to bringing commercial goods into Great Britain in your baggage Bringing commercial goods into Great Britain can open up a world of new opportunities for entrepreneurs and small businesses. Whether you are traveling for business or pleasure, understanding the regulations and requirements for bringing commercial goods in your baggage is crucial to ensure a smooth and successful journey. Read more from our tax expert Monty and author of this news item here -https://lnkd.in/eXk-WMcs #Tax #Mezzle #Legal

Q: What is the personal allowance for the 2024/25 tax year? A: Every UK taxpayer can earn up to £12,570 tax-free. This personal allowance is crucial for sole traders and small business partners, as it determines the starting point for taxable business profits. For more detailed guidance, refer to our comprehensive guide 👇 https://lnkd.in/eWatCvSY #taxthresholds #smallbusinessowners #personalallowance #incometax

E-Invoicing Update! 🇱🇻 The Latvian Ministry of Finance has recently published a draft law on May 27, 2024, requiring e-invoicing for B2B transactions as of January 1, 2026. According to the proposed changes, businesses will be obliged to issue structured invoices complying with the European Standard for e-invoicing when the recipient of goods or services is located in the territory of Latvia. More details regarding the transmission methods of invoices between businesses will be further regulated by the Cabinet of Ministers. Potential options mentioned by the Ministry include Peppol, agreements between parties, and a free email delivery option, all of which will be further detailed. It’s important to note that there will be a requirement for transmitting invoice data to the tax authority according to the Ministry of Finance’s announcement, with further details yet to be published. Follow our website to stay up to date with the latest e-invoicing news: https://lnkd.in/d9kVTCb6 #einvoicing

Business transactions can be expensive. Mitigate your costs with available tax deductions, documentation strategies, and more. Join us on August 27th to learn more. https://lnkd.in/gitZisKY

Business transactions can be expensive. Mitigate your costs with available tax deductions, documentation strategies, and more. Join us on August 27th to learn more. https://lnkd.in/gTrriauD

Business transactions can be expensive. Mitigate your costs with available tax deductions, documentation strategies, and more. Join us on August 27th to learn more. https://lnkd.in/gtgg8ENe

Boost their cashflow by helping them unlock valuable savings, and they’ll turn to you when they need your product or service. https://lnkd.in/gah8q-q5