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Loan Guidelines
Are you planning to take out a loan to buy a house recently?
Living and working in peace and contentment is everyone’s yearning. With the current high property prices in the UK, many buyers will prefer to use loans to purchase properties. This article hopes to let everyone know the documents that need to be prepared in the early stage of the loan and how to prepare these documents to help you go smoothly on the road to buying a house.
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We will make different plans according to each person’s assets and income.
Loan Type
Fixed interest mortgages
A fixed-rate mortgage is one that guarantees your interest rate will remain the same for a period of time.
This gives you peace of mind because, unlike a variable-rate mortgage, you’ll know exactly how much you’ll need to pay back each month during this period.
Variable interest mortgage
A variable rate mortgage is a type of home loan in which the interest rate is not fixed. Instead, interest payments will be adjusted at a level above a specific benchmark or reference rate, such as the Prime Rate + 2 points.
Apply for a personal loan
For personal loans, the loanable amount is generally 3-4 times of my income. For example, with an annual income of £20K, the loanable amount is between £60-80K.
So what kind of proof materials need to be prepared in advance?
Banks or other credit institutions will require the borrower to provide proof of income for 1-2 years, such as P60, SA302, Tax Calculation and Tax Overview, Year-End account, bank statement, if the borrower has other properties, they need to provide their real estate prove.
Proof of income
If you are an ordinary office worker and have no other proof of income or assets, the documents you need to provide are: P60, recent pay stubs, and bank statements.
If you are self-employed (i.e. self-employed), you need to provide Tax Calculation and Tax Overview or SA302 documents to the bank or lender for review
For the legal person or shareholder of the company, in addition to Tax Calculation and Tax Overview or SA302, the company’s annual account may also be required for reference
Generally speaking, a legal person or shareholder only needs to provide Tax Calculation and Tax Overview to a bank or other credit institution when making a loan; however, in a few cases, an additional SA302 will be required.
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“My wife and I were planning to buy a house for a long time, but we didn’t know English law or how to get government help to apply for a loan. It seemed harder than making money, and it wasn’t that hard until we discovered this company. We got our bank loan and put in a down payment, and happily we’ll be moving into a new house soon.”
“We work everywhere to earn money, and after ten years we are finally starting to plan our first home. I checked a lot of information on the Internet and even called the bank and didn’t get a satisfactory result. Thank you for letting me know the loan strategy clearly, I trust you and choose you.”
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Personal tax returns are very complicated, the above is just a very simple introduction. If you have other income, such as rental income, stock income, foreign income, interest income, etc., these income must be included in your personal tax return. If you have any questions or other considerations, we welcome you to contact us at any time.
Amazon To Unveil New Belgian Delivery Centre
Amazon have announced plans to open its first logistics centre in Belgium this year. The centre will be used to receive, sort and send packages across the country and will be stationed in Antwerp. Whilst this is great news for Amazon, their announcement comes amidst a storm of disagreement in Belgium as to the value of ecommerce. This article will take a look at the new Amazon delivery centre, but will also discuss the state of ecommerce as a whole in Belgium.
The New Amazon Delivery Centre In Belgium
The new centre will be located in Antwerp, one of the most prominent cities in Belgium, and will be primarily concerned with sorting parcels that are sent from France and Germany to Belgian consumers. From here, Amazon will use couriers to fulfil the orders. The building should be operational in late 2022 and is planned to create 50 jobs. In addition, more than 200 chauffeurs from local couriers will deliver parcels, the company says.
This news is indicative of Amazon’s expansion into Europe. Last year Amazon opened a similar centre in the Netherlands, and they have already announced plans to create 8 more in Germany over the coming months. Whilst this does seem a very positive thing for the Belgian people, the news does come with a backdrop of some serious disagreements over ecommerce in the country.
Belgian Ecommerce Topic Of Hot Debate
According to data from BeCommerce, the ecommerce industry in Belgium was worth 10.26 billion euros in 2020. There are some big online players from abroad, like Zalando (Germany) or Bol.com and Coolblue (both from the Netherlands). As a matter of fact, in 2017, the whole top five of biggest online stores in Belgium consisted of foreign players. You might think this would mean that Belgium had a positive view of ecommerce, but this is not wholly true.
The Belgian government currently deliberating over market reform measures that would see ecommerce companies become allowed to ask their wokers to work between 8pm and midnights. As it stands, many ecommerce companies have to outsource these operations to Dutch companies. Some, such as the leaders of the Belgium Party, believe that this is a negative thing to happen to Belgium. Their argument is that consumers should just wait longer for parcels. Whilst this may be the case in an ideal world, it is simply not industry standard and will mean that Belgium will continue to lag behind the rest of Europe when it comes to ecommerce if their rules are not updated.
We Can Help You Register For VAT In Belgium
Obviously, VAT registration is an unavoidable step when it comes to expanding your business. Whilst registering for VAT in Belgium can be a stressful registration process, we are here to complete the process for you.
Our long history of working with ecommerce sellers, especially those who use Amazon and eBay, means we can guide you through every step of the registration process – so please do not hesitate to send us an e-mail at enquiries@jpaccountant.com or contact us through social media to receive a quote today. In addition, we would be more than happy to help you register for UK & EU VAT and file your UK & EU VAT returns, and help you comply with VAT in case your account faces any issues.
B2B Businesses Set To Invest Heavily In Digitalization
It seems that B2B companies are starting to follow the trend being set by their B2C counterparts and are about to delve deeper into the digital world. Over 80% of businesses have said that they are planning to increase their investment into the digital side of their business as they look to explore new revenue streams. Obviously, we specialize in supporting ecommerce sellers, but we also support many B2B business. Lead generating companies can really benefit from moving more of their operations online, and here’s how.
The Survey On B2B Digitalisation
The findings that this article are going to centre around come from a survey carried out by Copperberg. They surveyed over 50 European B2B manufacturers with a turnover of at least 250 million euros. The survey is very enlightening since, whilst much has been made about B2C shift to ecommerce, B2B has not had the same attention.
The research found that the main reason these businesses feel that they need to expand their scope is to access new revenue streams. This was found to be the case for 41% of respondents. 24% felt that they had invest into their digital operations to keep up with the global shift to digital solutions that we have seen since the pandemic.
The Conclusion? Heavy Investment Imminent
The fact that these B2B companies are willing to invest in digitalization becomes apparent when looking at their budget for investments into digital business strategies. At least 83 percent of manufacturers will increase their budget up to 20 percent this year. A smaller group will maintain the same budget as last year (15 percent), while 2 percent of manufacturers will decrease their budget with 1 to 20 percent.
It is interesting when one compares the different ways in which B2B and B2C businesses can use digitalization. Of course, both should invest in their website and ensure their customers can communicate with them easily. However, there are some differences.
For example, a B2B manufacturer might add more automation to their production process. Also, when it comes to marketing, a B2B company might use platforms such as LinkedIn to generate leads, whereas a B2C business might use Instagram as it might allow them to make their products look more visually appealing.
Contact Us Today
If you are a business who participates in cross border e-commerce, or exporting of any kind, we would be more than happy to help you register for UK VAT, the UK VAT deferral scheme, gain an EU and UK EORI number, file your UK and EU VAT returns, and help you comply with VAT in case your account faces any issues. This obviously goes for any B2B businesses as well.
At J&P, helping your business is our passion, and we understand that companies across the UK are at risk now more than ever. We are here to support you through Brexit, so please do not hesitate to give us a call on 0161 637 1080 or send an e-mail to enquiries@jpaccountant.com.
Ebay To Remove Final Value Fee Volume Discounts
“We want to share some news with you about an update to fees which will affect some sellers.
From 20 March 2022, business sellers will no longer be eligible for final value fee volume discounts. This will only affect you if your total sales volume has been at least £25,000 in the previous three months.
This change will take effect for all sales from that date onwards, regardless of when the item was listed, relisted or renewed.
You can get more information about business seller fees here.
Thank you for selling with eBay.
– eBay
The above announcement from Ebay will be received with a mixed reception for Ebay sellers. For those below the threshold of ‘high volume’ sales, the announcement will be viewed as a long overdue levelling of the playing field. For those above the threshold, this will seem like the rug has been pulled out from beneath them. Let’s take a look at how the removal of final value fee volume discounts will affect Ebay sellers.
What Are Final Value Fee Volume Discounts
Essentially, final fee volume discounts were a discount to Ebay fees granted to sellers who had a significantly high turnover. Those who had a turn over that was over £25,000 a month were privy to a 4% discount, and those selling over £200,000 a month were granted a discount of 8%. However, from the 20th March 2022 this will no longer be available to sellers.
By ending the discounts to fees smaller sellers will probably argue that Ebay are no longer showing favouritism towards their bigger sellers and thus they might see the abolishment of the discounts a fair. However, those who were benefitting from the discounts will understandably be incensed by the increase of almost 10% on to the cost of their operations.
How Will This Affect Ebay Sellers?
If you are an Ebay seller and your turnover falls far below the thresholds then it is likely that this latest developments regarding final fee volume discounts will be of little consequence to you. As this makes up the majority of the sellers on Ebay, this may lead you to believe that the change to procedures is of little consequence. However, nothing could be further from the truth.
By removing the discounts, Ebay are effectively disincentivising their sellers to grow their sales. Obviously, the discounts had previously been a big incentive for sellers to increase their sales to benefit from the discounts. It is possible that sellers will now prioritise sales on their own websites, since they don’t have to pay any fees to Ebay for these sales so there is a high profit margin on these transactions.
Conclusion – We Specialise In Supporting Ebay Sellers
As usual, we would like to take this opportunity to remind you that our long history of working with Amazon and eBay sellers means we can offer you expert advice. As a trusted member of the Amazon Service Network, we can act as a third-party service provider for the Amazon VAT service.
As well as helping with your Fulfilment, we would be more than happy to help you register for the OSS and help you with all your VAT compliance needs in case your account faces any issues. So please do not hesitate to give us a call on 0161 637 1080 or send an e-mail to enquiries@jpaccountant.com for a quote today.
Delays At UK Ports Likely To Increase
MPs are warning that we could see more delays at UK ports later in the year if the government does not act quickly. This is in light of the increased border checks that will be coming into force from the 1st of July. Despite the government having offered a lot of Brexit advice so far, we are still witnessing many delays at ports. Obviously, the stricter rules surrounding agricultural products coming into force from July will not help the situation.
Brexit Continues To Cause Disruption
If you are an ecommerce seller, you are probably more surprised that certain circles have tried to claim that congestions at ports have lessened at any point since Brexit than the fact that the congestion is likely to increase. We have received countless complaints from our ecommerce clients that supply chain issues are still affecting their operations, despite the fact that it has been over a year since Brexit.
Of course, the pandemic has to take some of the blame for these delays, but the fact still remains that Brexit has had a massively negative affect on the importing and exporting of goods between the UK and EU. Ecommerce sellers and importers alike are clamoring for more support from the UK government, a sentiment that is echoed by Logistics UK.
Extra Border Controls From July
Undoubtedly, the news of further checks will be met by groans from many. From 1 July extra checks on agricultural and food imports from the EU will take place at ports around the UK, but with products varying from cut flowers to ready-made lasagne, firms need to know which ports will be authorised to process which products, what the operating hours will be and how they fit with ferry schedules, Logistics UK has said.
The long term issue with this is the amount of businesses that are simply ceasing to trade with the EU. The burden of admin and red tape has meant that trade between the UK and EU continues to drop. Whilst the task of trading with the EU does seem more daunting than ever before, it is still possible. Especially when you employ the services of experts; which is where we at J&P come in.
Contact Us Today
If you are a business who participates in cross border e-commerce, or exporting of any kind, we would be more than happy to help you register for UK VAT, the UK VAT deferral scheme, gain an EU and UK EORI number, file your UK and EU VAT returns, and help you comply with VAT in case your account faces any issues. At J&P, helping your business is our passion, and we understand that companies across the UK are at risk now more than ever. We are here to support you through Brexit, so please do not hesitate to give us a call on 0161 637 1080 or send an e-mail to enquiries@jpaccountant.com.
Guide To VAT Registration In The Netherlands
Keen readers of our articles may remember that we have previously looked at VAT registration in many EU countries such as Germany and France. These are countries that have extremely strong ecommerce markets and in order for sellers to make the most of the opportunities that these countries represent, VAT registration is an unavoidable step. This is why we’re now taking a look at one of the fastest growing ecommerce markets in Europe. As promised from our previous article which focused on why you should consider expanding your business in to the Netherlands, this article will focus on how to register for VAT in the Netherlands.
Why Should You Register For VAT In The Netherlands?
As this was the main focus of our previous article, we won’t dwell for too long on this topic. Essentially, the reason that the Netherlands is such an attractive prospect for ecommerce sellers is the fact their online economy is one of the fastest growing in Europe and one that is relatively easy to access. Traditionally there has been a hesitation for the domestic consumer-base to shop from foreign sellers, but this is a trend that is no longer applicable.
In addition to this, Amazon is an emerging force in the Netherlands. Surprisingly, Amazon is not completely dominant in the Netherlands as it stands, although this is quickly changing. The majority of sellers on the Dutch version of Amazon are from abroad. That is why now is a great time to register for VAT in the Netherlands, before the market becomes saturated.
When Do You Need To Apply For VAT Registration In The Netherlands?
As with most of the EU countries, the Netherlands have a pretty typical set of rules when it comes to VAT registration for sellers. If you are sellers based in the EU, you will only have to register for VAT in the Netherlands if your sales exceed the sales threshold, which stands at €100,000. However, if you are a seller from elsewhere, such as the UK, you will need to apply for VAT registration in the Netherlands if you hold or sell goods there.
As with other EU countries, please be aware that this also applies to Amazon sellers. This also includes holding goods in a Dutch Amazon FBA warehouse. Essentially, if you are based anywhere outside of the EU, you will have to obtain a Dutch VAT registration number if you hold goods or make taxable sales in the country.
How To Register For VAT In The Netherlands?
As you might expect, the Dutch tax authorities require all the usual relevant information. This will include the VAT certificate of the business, an extract from the company’s national trade register and the Articles of Association. This information should be submitted the Dutch tax office.
UK sellers will be happy to learn that a fiscal representative is not required to complete the VAT registration process in the Netherlands – even after Brexit. However, it is obligatory to appoint a fiscal rep when attempting to use the reverse charge mechanism for the purpose of import into the Netherlands.
VAT Reporting In The Netherlands
Typically, you will have to file VAT returns quarterly in the Netherlands. These returns must be submitted to the Dutch tax office and, in certain circumstances, these must be submitted on a monthly basis. This is only in certain circumstances though, such as if the quarterly VAT payments exceed a certain figure. Of course, it is always best to employ the services of tax professionals when it comes to filing VAT returns. This is where we come in.
Conclusion
Evidently, VAT registration is an unavoidable step when it comes to expanding your business. Whilst it can be a stressful registration process, we are here to complete the process for you.
Our long history of working with ecommerce sellers, especially those who use Amazon and eBay, means we can guide you through every step of the registration process – so please do not hesitate to send us an e-mail at enquiries@jpaccountant.com or contact us through social media to receive a quote today. In addition, we would be more than happy to help you register for UK & EU VAT and file your UK & EU VAT returns, and help you comply with VAT in case your account faces any issues.
