Accountancy
Starting from 1 July 2021, VAT will apply to all non-EU purchases. The regulation change will have a significant effect on distance sales into the European Union. In order to facilitate the collection, declaration, and payment of VAT under the new regulations, the IOSS scheme was created for sellers as an extension to the already …
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To do business in Hungary, you will most likely need a Hungarian VAT number. This number is used for invoicing and taxation purposes: to put it simply, it is what identifies you as a company (or a freelancer) at the Tax Authority. It is not to be confused with the tax ID, which is what …
The post How and when to register a Hungarian VAT number appeared first on Helpers Finance.
KIVA is a tax for small businesses in Hungary. As opposed to running an LLC and paying the “regular” taxes (9% corporate tax and various other taxes, especially on payroll), the 11% rate of KIVA includes corporate tax, social contribution tax and vocational training levy. This, combined with how the tax base is calculated, makes …
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Other than a popular given name among the ladies, KATA is also an important term when it comes to freelancing in Hungary: it is a special form of taxation for the self-employed. However, some have found themselves in a difficult situation due to the pandemic. In this blog post, we tell you about the process …
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The recent changes to regulations have increased the minimum wage in Hungary by 4%. The guaranteed minimum salary, another type of minimum pay, has also grown by the same amount. In this blog post, we explain how this affects your accounting.
The post Minimum wage in Hungary increases appeared first on Helpers Finance.
As of 1 February 2021, the minimum wage is raised to gross HUF 167,400, and the guaranteed minimum salary to gross HUF 219,000. Learn how this affects your company costs.
The post Salaries and payroll taxes in 2021, Hungary appeared first on HELPERS.
If you want to build lasting and fruitful business relationships locally, you should get familiar with basic business etiquette in Hungary. Show your respect towards your partners by being well-dressed, punctual, and polite.
The post Business etiquette for foreigners in Hungary appeared first on HELPERS.
There have already been several tax related changes this year, and now here are the most relevant changes for employers and employees taking effect on 1 July 2020. Reduced social contribution tax The social contribution tax paid by employers on top of the gross salary is reduced from 17.5% to 15.5% as of 1 July …
The post Changes to payroll taxes as of 1 July 2020 appeared first on Helpers Finance.
As of 1 July 2020, the obligations related to invoices issued by your Hungarian company will change in order to make the economy more transparent. Certain invoices must be reported to the Tax Authority immediately, while all invoices must be issued sooner after performance. Report invoices immediately When your Hungarian company issues an invoice to …
The post Changes to invoicing obligations in Hungary from 1 July 2020 appeared first on Helpers Finance.
Since accountancy and bookkeeping is strictly regulated in Hungary, there are also strict rules governing how to correct possible mistakes on invoices. To keep things transparent, you can either create a correction invoice or a cancellation invoice.
The post What to do when you made a mistake on an invoice? Correction and cancellation in Hungary appeared first on Helpers Finance.