article thumbnail

Autumn Budget 2024 Commentary: Retail

Menzies

The recent budget has imposed significant challenges on businesses across the board, with the retail sector being particularly affected. The Chancellor has announced several policy changes and tax increases that will impact retail. National Living Wage The National Living Wage has seen a significant increase, affecting all retailers.

Retail 59
article thumbnail

Refunds and sales tax

TaxConnex

The most wonderful time of the year In 2022, the cost of retail returns in the U.S. hit $817 billion, a quarter of that from online retailing. The average retail return rate is 26.4% The more accurate answer, particularly when something as complex as sales tax gets involved, is: Probably, but watch the details.

Sales 147
Insiders

Sign Up for our Newsletter

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

article thumbnail

Beyond AI Hype: Why Data is Your Next Smart Move

CPA Practice

Predictive analytics that actually work: Picture this: You’re auditing a retail chain, and your AI assistant has already analyzed the company’s transaction data against weather patterns, local events, and market trends. Standardized, comprehensive data helps eliminate these blind spots.

auditor 52
article thumbnail

Acumatica Launches Cloud ERP Solution for Professional Services Firms

CPA Practice

The Professional Services Edition joins Acumatica’s existing suite, which includes the Construction Edition, Manufacturing Edition, Distribution Edition, Retail Edition and General Business Edition.

article thumbnail

The Future of Automotive Retail: Insights From the 2024 AICPA Dealership Conference

Withum

Opening Remarks The Future of Automotive Retail The conference began with a presentation on the future of automotive retail, highlighting the current state of dealership profitability. Let’s Chat The post The Future of Automotive Retail: Insights From the 2024 AICPA Dealership Conference appeared first on Withum.

Retail 52
article thumbnail

Demand for Automation in Sales Tax Compliance is Rising, Avalara Says

CPA Practice

tax professionals responsible for managing sales tax obligations for independent retailers reveals that 97% of respondents say they have automated or plan to automate their sales tax compliance process. Disparate ways of identifying tax changes: Getting and staying informed is crucial for independent retailers to meet tax obligations.

Sales 116
article thumbnail

Percentage Leases: Strategies for Retail and Franchise Success

Withum

The bustling corridors of an airport or a shopping mall present a lucrativeopportunity for franchises and retail companies to capitalize on foot traffic. A percentage lease may be required in these circumstances, which may present a new set of challenges regarding compliance and financial reporting for franchisees and retail owners.

Retail 69