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The 10 most common accounting mistakes and how to avoid them

Accounting is the backbone of any business, regardless of its size or industry. Not only does it allow you to record all financial transactions, it also ensures that you fulfil your tax obligations and base strategic decisions on sound data. According to a survey conducted by the German Association of Tax Consultants, over 40 % of companies state that they have already suffered significant financial disadvantages due to accounting errors. But despite [...]

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VAT obligation for electronic services: What does §2b UStG mean

The VAT liability for electronic services in accordance with Section 2b UStG is a central regulation in German tax law. It defines the tax obligations for companies that provide electronic services. Electronic services are digital products and services that are provided via electronic networks. This provision has far-reaching effects on the tax treatment of companies in the digital sector. § Section 2b UStG specifically regulates the VAT liability for legal entities under public law that

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What you need to know about trade tax

Trade tax is a municipal tax paid by companies and the self-employed on their trade income. It is an important source of income for municipalities and is used to finance local infrastructure and public services. It is calculated on the basis of trade income, which is derived from company profits. The trade tax rate is set individually by each municipality and usually varies between 200% and 500%. As a municipal tax, the collection and determination of trade tax is the responsibility of

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Real estate profit centre accounting and profitability in FM

The property profit centre calculation is a key tool in facility management for assessing the profitability of properties. It enables a transparent presentation of the costs and income of a property, which facilitates well-founded decisions. Various types of costs are taken into account in the calculation, including maintenance, operating, administration and financing costs. These are compared with income from rental income, utility bills and other sources. As a controlling tool, the property profit centre calculation is used to analyse and optimise the profitability of properties. In an environment of rising

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VAT: Everything you need to know

Turnover tax, also known as value added tax (VAT), is an important tax in Germany. It affects both businesses and consumers and plays a crucial role in the German tax system. It is therefore of great importance to understand VAT and its impact on business and transactions. Key Takeaways Sales tax is a tax on the turnover of businesses. Any business that sells goods or services is subject to

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TEMU: Bargain or expensive plastic waste?

TEMU has established itself as a popular platform in the digital shopping world, but the debate about its business models remains contentious. Many consumers are tempted by the low prices and seemingly endless offers on the TEMU online shop, while others question whether these savings come at the expense of quality and ethical standards. Some important aspects to consider in this discussion are: Pricing: how can TEMU offer such cheap products? Where

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The importance of debit positions in accounting: everything you need to know

The debit position plays an important role in accounting. It is an essential part of accounting and is used to record and monitor the financial situation of a company. In this article, we will take a closer look at the debit position, explain its importance in accounting and explain the process of creating it. What is a debit position in accounting? The debit position is an important statement in a company's accounting.

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