Inform Accounting

JUNE 27, 2022

Late payment interest is payable on late tax bills covering income tax, National Insurance contributions, capital gain tax, stamp duty land tax, stamp duty and stamp duty reserve tax. The corporation tax pay and file rate also increases to 3.75%. Taxing cryptoassets: what you need to know.

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Ronika Khanna CPA,CA

MAY 26, 2023

While submitting your tax return is accompanied by a significant sense of relief, one cannot completely relax until you receive the notice of assessment from Revenue Canada (and Revenue Quebec for those of you lucky enough to file two tax returns). It also provides information pertaining to future years.

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Inform Accounting

MARCH 21, 2023

On 15 March 2023, Chancellor Jeremy Hunt presented his first Budget to Parliament and set out a plan to reduce inflation, grow the economy and get government debt falling all whilst avoiding a recession and tackling labour shortages. In this blog we set out some of the main tax rates.

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Inform Accounting

SEPTEMBER 23, 2022

The Government has set an ambitious target to achieve a trend rate of growth of 2.5%, achieved by tax incentives to encourage investment in the UK. The Government was criticised in the lead up to today’s announcement for not allowing the Office for Budget Responsibility (OBR) to release forecasts with the mini budget.

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Ronika Khanna CPA,CA

DECEMBER 2, 2022

If you do decide to pay yourself dividends, it is important to ensure that you prepare the proper documentation for Revenue Canada (CRA) and if you live in Quebec, Revenue Quebec (MRQ) since this must be reported as investment income on your personal tax return in the calendar year in which the dividends are paid.

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xendoo

JANUARY 16, 2023

From tax law revisions to the overwhelming number of forms, understanding your small business tax rate and how to file can be difficult. Your business entity type and preferred filing status will also affect your tax rate. For example, LLCs that opt for the IRS to tax them as corporations are subject to corporate tax rates.

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Menzies

JULY 26, 2022

If you want to be self-employed (also referred to as a ‘sole trader’) you need to notify HMRC by 5 October following the end of the tax year in which you started your new business. You’ll then need to file self-assessment tax returns and pay any income tax, Class 2 and Class 4 National Insurance Contributions due by 31 st January annually.

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Ronika Khanna CPA,CA

FEBRUARY 23, 2023

Life insurance premiums are not tax deductible unless the beneficiary is the business. Instead the government allows for what is referred to as CCA (capital cost allowance) which is essentially a depreciation charge over a period of time at specific rates. Corporations are required to file a separate corporate tax return.

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inDinero Tax Tips

APRIL 11, 2023

Incorporation is a critical legal matter that impacts more than your company’s tax responsibilities for doing business. Delaware is considered “the place” to establish your corporate entity as there’s no Delaware sales tax. Delaware offers perhaps the most favorable tax treatment to businesses. Historically, in the U.S.,

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Inform Accounting

OCTOBER 27, 2022

By purchasing a company car, you can put all running costs through the business and gain tax relief on required services like road tax, insurance and repairs. Plus , if you opt for an electric vehicle, you can enjoy up to 100% relief on your corporation tax! Not to mention, you're reducing your income tax once again !)

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Accounting Insight

FEBRUARY 1, 2024

A large business tax enquiry / corporate tax enquiry is carried out by HMRC’s ‘Large Business’ directorate and ‘Wealthy & Mid-sized Business Compliance’ directorate. Remember, a corporate tax enquiry is not routine, despite what HMRC may suggest. What is a business tax enquiry / hmrc corporate enquiry ?

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Inform Accounting

SEPTEMBER 20, 2022

So what actions can we expect from the government in the next few weeks? Chancellor Kwasi Kwarteng will outline how the government intends to fund the measures to help with the cost-of-living crisis on Friday 23rd September in what is described as a “fiscal event”. Remember to declare COVID-19 grants on your tax return.

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Ronika Khanna CPA,CA

JANUARY 13, 2023

For those of you who are starting a new business, it is essential to know your tax obligations. Every business owner must report their net profits on a either their personal tax return if they are unincorporated or a corporation tax return if they are incorporated. You are simply an agent.

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ThomsonReuters

SEPTEMBER 8, 2023

Both C and S corps: Provide limited liability protection for their owners and shareholders, so the business owners’ personal assets are protected against lawsuits and debt collection is leveled at the corporation. Are required to submit tax return filings for business income and profits.

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Inform Accounting

NOVEMBER 18, 2022

The leaked and previously announced tax increases are still going ahead…. Corporation tax from April 1 2023 to increase to 25% for companies with profits over £250,000. Companies with profits under £50,000 will be taxed at 19%. Companies with profits between £50,000 and £250,000 will be taxed between 19% and 25%.

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Withum

MARCH 21, 2022

As you may recall, the 199A deduction was incorporated in the TCJA as a compromise for pass-through entities owners after significant public comment following the proposed decline of the corporate tax rate 35% to 21%. This results in over $100,000 more cash for the C corporation. Aren’t federal income taxes grand?

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inDinero Tax Tips

NOVEMBER 15, 2021

Claiming deductions can save your company thousands of dollars in income taxes. If the thought of filing your taxes is enough to make you sweat, you’re not alone. . The IRS announced a plan to increase audits for small businesses by 50% for the 2020 tax year. Our CPAs Answer Your Top 5 Burning Tax Questions.

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Going Concern

JULY 21, 2023

KPMG Rolls Out Generative AI to Tax Pros, Launches Audit Pilot [ Bloomberg Tax ] Inside KPMG, its tax professionals are leaning on generative artificial intelligence to help corporate tax departments prepare for new requirements to disclose their tax obligations by country.

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Withum

NOVEMBER 17, 2022

Most of the income tax proposals in the 2021 “Build Back Better” bill did not make it into the IRA. General Income Tax Planning. Postpone income until 2023 and accelerate deductions into 2022. Contact a member of Withum’s Tax Services Team to start planning as year-end approaches.

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Going Concern

APRIL 14, 2023

The report, dated in March and marked “draft and for discussion”, analyses the impact of the party’s proposals to increase income tax on high earners and gains on asset disposals by wealthy individuals, as well as its plan to reduce tax relief on large pensions. The accord is scheduled for implementation next year.

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ThomsonReuters

FEBRUARY 6, 2024

The differences between direct tax and indirect tax are important to understand. Direct tax is paid directly by the taxpayer to the government and cannot be shifted, like federal income tax. In contrast, indirect tax, such as business property taxes, can be passed on or shifted to others.

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inDinero Tax Tips

MAY 24, 2023

You need to have a clear picture of what you’re spending on your business, not to mention the IRS requires documentation for all business expenses claimed on tax returns. Beyond that, certain industries, such as healthcare or businesses receiving government funding, also have legal documentation requirements.

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ThomsonReuters

JANUARY 17, 2023

What is the importance of an income tax treaty? What tax form does a nonresident alien file? Are nonresident aliens exempt from Social Security tax? FDAP — which is passive income such as interest, dividends, rents, or royalties — is taxed at a flat 30% rate, unless a tax treaty specifies a lower rate. .

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inDinero Tax Tips

APRIL 20, 2021

Incorporation is a critical legal matter that impacts more than your company’s tax responsibilities for doing business. Delaware is considered The Place to establish your corporate entity. The amount of franchise tax and how each state calculates the tax varies. Your very own Delaware corporate tax calendar.

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ThomsonReuters

APRIL 12, 2021

Changing tax rules and rates: Governments look to indirect taxes for revenue after COVID-19 stimulus packages. There’s so much flexibility with indirect taxes that we expect to see much more reliance on them as a source of revenue for these governments,” Reich said. Do More with More?

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