Look for Your Tax Solutions: The Right Deals

Look for Your Tax Solutions: The Right Deals

It is possible to arrange the bookkeeping of one’s business activity in a simplified accounting regime, which is one of the methods of doing so.In the previous week’s lesson, we learned that corporate accounting is a crucial and important part for every sort of company. In reality, it is only in this manner that it is feasible to keep income and spending under control and recognize when you are deviating excessively from the established target. There comes ภพ 20 with the best options.

  • A simplified accounting framework provides the opportunity for more efficient expenditure management.
  • We have also shown that the kind of activity and the size of the firm have an impact on the sort of regime that is used.

As a result, only a small number of companies have the option of implementing the simplified accounting system. All of the others, on the other hand, will be required to follow the rules of regular accounting, which imposes a greater number of duties and processes that must be followed.

The first step is to determine whether or not your company can benefit from a streamlined accounting system.

A simplified accounting system

Who has the ability to accomplish it?

A list of the prerequisites for simplified accounting is provided by the legislation. Article 18 of Presidential Decree 600/73, in particular, governs the process of obtaining this chance. Because, in contrast to conventional accounting, simplified accounting does not need the creation of a large number of papers and records, which would necessitate the expenditure of valuable time and resources.

As a result, according to article 18, the conditions for adopting a simplified accounting regime are separated into two categories: objective requirements and subjective requirements.

A certain level of income

This is the objective criteria to be considered. A set yearly income of € 400,000 from service providing and € 700,000 from all other operations is required for the firm to be eligible for this option.

Pay close attention to what is meant by the term “revenue” in terms of dollars each year. The accrual criterion was followed until last year, which meant that revenues to be taken into consideration for the determination of the total were based on only the actions carried out during that specific period of time. In essence, the revenues achieved during the previous tax period were treated as follows: sales or purchase invoices issued and received throughout the year.