Starting from 1 October 2024, fixed-line internet providers will no longer be able to operate under the unified tax (UT) system. This means that they will have to switch to the general taxation system, which implies different requirements for accounting and financial reporting. These changes were adopted by the Government in consultation with the Ministry of Finance of Ukraine, although they have not been clearly enshrined in law.
The transition to the general taxation system may have a significant impact on providers, as it requires more complex accounting, full financial reporting and payment of taxes according to a standard rate scale. This can lead to increased costs and the need for professional assistance. This is exactly the kind of assistance that the outsourcing company Nota Group offers you during the transition and adaptation period, when you need to adapt to new requirements.
Providers can appeal this decision in court, but for now it is important for them to prepare for the new conditions. Outsourcing of accounting and legal services is becoming an important element of business support, helping to avoid errors in accounting and reporting, as well as ensuring compliance with legal requirements.
The change in the taxation system may have a negative impact on small businesses that previously took advantage of the unified tax system to optimise their costs. They will face additional bureaucratic requirements and more complex reporting procedure.
Therefore, when switching from the third group of the unified tax to the general taxation system, providers may face the following difficulties:
– the complexity of accounting, namely the need to switch to more detailed and complex accounting;
– increased costs, which involves an increase in the tax burden and accounting costs;
– the need to increase the number of staff involved in accounting and reporting;
– legal complexities, namely, the risks of misinterpretation of new rules and legal requirements.
These factors can result in financial and legal problems for businesses, which cooperation with Nota Group can help to avoid.
What exactly can our experts do for you?
– Advice on taxation: Our experts will explain the new rules, calculate the tax burden and help you optimise your expenses
– Accounting records maintenance, preparation and submission of reports; Nota Group specialists will ensure the correct preparation and submission of accounting documents
– Preparing for inspections: We will help you prepare for possible tax audits, reducing the risk of fines and violations.
Involving an outsourcing company at this stage will reduce the risk of financial mistakes and allow you to focus on business development and avoid crisis situations.
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