Invoicing
Automation in accounting, just in any other fields, aims at removing simple and repetitive tasks from the workload of specialists, so they can focus on tasks that require more expertise and creativity. Adding AI to the mix will be a next step that enables an even higher level of automation and increase in efficiency.
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If you run a business, you are probably familiar with the basics of invoicing and know what to write on an invoice. But are e-invoices, PDF invoices or paper invoices the best option for you? There is more to consider than meets the eye.
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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 …
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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.
In Hungary, the rate of VAT is usually 27%. There are some special product types where VAT rates are lower. Before you start trading in Hungary, make sure you know how much VAT you must pay to the tax authority in order to properly adjust your margins.
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In general, the costs related to a business trip are accepted as business costs in Hungary, and as such are deductible from the corporate tax. Some expenses, however, are subject to the so called “representation tax”.
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VAT regulations in Hungary are amended each year to adapt to the changing economical environment. Learn about the 2018 VAT reduction and other new regulations regarding invoices with a high VAT content.
The post How does VAT in Hungary change in 2018? appeared first on HELPERS.
If you operate a Hungarian company, whenever you sell something, you have to issue an invoice. But what kind of data should you include? Read on, and learn what to write on the invoice in Hungary! Data of your company You have to include the basic data of your company, so no one can have […]
The post What to write on the invoice in Hungary? – Accountancy quick guide appeared first on HELPERS.
The Hungarian Tax Authority introduced the representation tax in order to avoid companies buying personal supplies on company money, this way reducing the company’s profit (and paying less as corporate tax).
The post The so-called “representation tax” in Hungary: What is it and how are food, drink, and travel expenses taxed appeared first on HELPERS.
Your accountant will regularly file VAT reports to the authorities, in which your (EU) VAT number will be indicated as well as the VAT payable and VAT reclaimable. The frequency of VAT reports depends on your trade volume or activity.
The post What is a VAT report in Hungary and how does it work? appeared first on HELPERS.