Connect with us

Technology

Stripe rolls out new tax compliance tool for merchants

Voice Of EU

Published

on

Stripe Tax automates much of the calculating and collecting of levies like VAT and sales tax for businesses.

Fintech giant Stripe is rolling out a new product to automate businesses’ tax compliance.

Stripe Tax, which was built at the company’s engineering hub in Dublin, helps businesses to automatically calculate and collect sales taxes, VAT and goods and service taxes where they do business.

The product has been rolled out in 30 countries and all US states. Stripe Tax manages the requirements for tax collecting from jurisdiction to jurisdiction. This ensures merchants are in compliance with local tax rules but without the headache of managing it themselves.

According to a 2020 report from Stripe, two-thirds of businesses say that managing tasks like tax compliance inhibits their growth and takes up time that could otherwise be spent on product development.

The matter of tax has become more complex with the mix of physical and digital goods and sales across borders.

Support Silicon Republic

Non-compliance with taxes, even through accidental oversight, can lead to serious sanctions or interest-laden tax bills for businesses.

Stripe Tax calculates taxes due by determining an end customer’s location and products they’re buying. It adapts as changes to tax regimes come into effect and generates reports for businesses on the levies calculated and collected.

“No one leaps out of bed in the morning excited to deal with taxes,” Stripe co-founder John Collison said. “For most businesses, managing tax compliance is a painful distraction. We simplify everything about calculating and collecting sales taxes, VAT and GST, so our users can focus on building their businesses.”

Large companies, including News UK, have started using the product.

“Directly integrating Stripe Tax into our subscriptions platform will save us countless hours, time that can be better spent elsewhere,” Ruan Odendaal, head of subscriptions platform at NewsUK, said.

Stripe has had a very busy 2021 so far. After raising funding at a $95bn valuation, it has been rolling out more services that go beyond the payments processing the company was originally built on, as well as expanding geographically with a focus on the Middle East.

Source link

Technology

I can’t charge my electric car cheaply because I’m too close to an RAF base | Money

Voice Of EU

Published

on

A few months ago I decided to switch energy supplier and moved to Octopus Energy’s Go tariff, principally because it offers cheap electric car charging overnight at a rate of 5p/kWh.

I applied to have the required smart meter installed. But after being given a date, I was later declined on the basis that smart meters cannot work at my address because they interfere with the missile early warning system at RAF Fylingdales.

Initially, I thought this was a joke. I have been involved with the construction of hundreds of new homes in Teesside, all of which have had smart meters installed.

Smart Energy GB, the body responsible for the rollout, has confirmed that this is very real, and smart meters installed in the area will not have had their smart capacity turned on.

I was told that a new meter is being worked upon and will eventually replace those already installed.

Meanwhile, I am having to charge my car at a premium rate of 16.76p/kWh which is costing me about £26 more a week than it would be on the Go tariff.

AM, Guisborough

Given that your house is more than 20 miles from the RAF base in question, I, too, was amazed that this could be an issue, but it is – and also in other areas close to bases.

Smart Meter GB has confirmed this is the case and says it is working on a solution – a communications hub that will enable people living near sensitive RAF sites to use smart meters.

It says these will be offered to customers “in the coming months”.

It adds those in the affected area, who had already had smart meters installed should be able to have the hubs retrofitted.

Meanwhile, Octopus has come up with a solution for your problem. It has offered to add you to the trial of these new meters, which, in turn, will allow you to go on the Go tariff.

It says it hopes to install your new meter before Christmas. It has also said that if you get the log from your charging firm, showing how much electricity you have used for the car since the switch took place, it will retroactively apply the savings that you would have gained had the smart meter worked from the start – a generous offer.

We welcome letters but cannot answer individually. Email consumer.champions@theguardian.com or write to Guardian, 90 York Way, London N1 9GU. Include a phone number. Letters are subject to our terms: gu.com/letters-terms

Source link

Continue Reading

Technology

China’s Yutu rover spots ‘mysterious hut’ on far side of the Moon

Voice Of EU

Published

on

Cube-shaped object is probably just a rock. Yutu will check it out anyway

China’s Moon rover, Yutu 2, has sent images of a strangely geometric object.…

Source link

Continue Reading

Technology

Strikepay struck gold at National Startup Awards 2021

Voice Of EU

Published

on

Strikepay, founded by fintech entrepreneurs Oli Cavanagh and Charles Dowd, scooped the top award for its fast-growing cash-free tipping tech.

Irish fintech company Strikepay has scooped the top prize at this year’s National Startup Awards.

The start-up, previously called Strike, was founded in 2020 to enable cash-free tipping without the need for a payment terminal or a new app on a customer’s phone.

Its founders, fintech entrepreneurs Oli Cavanagh and Charles Dowd, raised €625,000 in seed funding earlier this year and said they intended to seek a further €6.5m in investment by the end of 2021.

Strikepay has already begun acquiring and collaborating with other companies to bolster its product offering. In June, it acquired UK payments rival Gratsi and in April it appointed former Just Eat exec Edel Kinane as its chief growth officer.

Earlier in the year, it teamed up with Camile Thai Kitchen to enable contactless tipping for food delivery drivers and partnered with mobility company Bolt to bring its cashless tipping technology to taxis in Dublin.

Strikepay was one of several winners at the awards ceremony, which was livestreamed last night (2 December).

Other winners included health-tech start-up Stimul.ai, customer analysis tech business Glimpse, and sheep monitoring start-up Cotter Agritech, which has been participating in a new accelerator programme at University College Dublin.

As well as taking the top award, Strikepay also won Best Fintech Startup.

This year marked the 10th year of the National Startup Awards. The event was sponsored by Enterprise Ireland, Microfinance Ireland, Sage, Cronin Accountants and McCann Fitzgerald.

Last year’s top award was given to drone delivery service Manna. The start-up had been working with companies such as Tesco, Just Eat and Camile Thai to test its drones, and has seen further growth since then.

The full list of winners at the 2021 awards, in order of gold, silver and bronze, are:

Startup of the Year 2021

Strikepay

Early Stage Startup

Imvizar, CyberPie, The Fifth Dimension

Emerge Tech Startup

Xunison, Helgen Technologies, LiveCosts.com

Fintech Startup

Strikepay, ID-Pal, Itus Secure Technologies

Food and Drink Startup

Fiid, SiSú, Thanks Plants

Social or Sustainable Startup

Altra, Peer, Fifty Shades Greener

Product and Manufacturing Startup

Cotter Agritech, Orca Board, Filter

E-commerce and Retail Startup

FinalBend, The Book Resort, Nufields

Tech Startup

Glimpse, LegitFit, Examfly

Medtech Startup

Stumul.ai, SymPhysis Medical, Bonafi

Covid Pivot or Response Startup

Zoom Party/Find A Venue, KSH Group, Streat School

Don’t miss out on the knowledge you need to succeed. Sign up for the Daily Brief, Silicon Republic’s digest of need-to-know sci-tech news.

Source link

Continue Reading

Trending

Subscribe To Our Newsletter

Join our mailing list to receive the latest news and updates 
directly on your inbox.

You have Successfully Subscribed!