Finvisor ’s Post

Optimise your #returns and alleviate stress with ONB Accountancy & Tax Practice's proficient #taxservices! Our team ensures that you capitalise on every eligible deduction, simplifying the #taxseason process. Explore our webpage at https://lnkd.in/d7pPtFe9 for more details! #taxexperts #taxtips #taxadvice

Here are several important reasons why Self-employed individuals often seek Self-Assessment and Tax Return services from accounting firms: 𝐂𝐨𝐦𝐩𝐥𝐞𝐱 𝐓𝐚𝐱 𝐑𝐞𝐠𝐮𝐥𝐚𝐭𝐢𝐨𝐧𝐬: The UK tax system can be complex, and it's easy to make errors. Accounting firms have experts who are well-versed in tax laws and regulations. At Lexarox Accounts, we can ensure that your tax return is accurate and compliant with HMRC rules. 𝐓𝐢𝐦𝐞 𝐚𝐧𝐝 𝐂𝐨𝐧𝐯𝐞𝐧𝐢𝐞𝐧𝐜𝐞: Tax-related tasks can be time-consuming, especially for self-employed individuals who have many other responsibilities. 𝐌𝐚𝐱𝐢𝐦𝐢𝐳𝐢𝐧𝐠 𝐃𝐞𝐝𝐮𝐜𝐭𝐢𝐨𝐧𝐬: Accountants can help identify deductible expenses, ensuring that you don't miss out on potential tax savings. This can include allowable business expenses, capital allowances, and other deductions that self-employed individuals may not be aware of. 𝐀𝐯𝐨𝐢𝐝𝐢𝐧𝐠 𝐏𝐞𝐧𝐚𝐥𝐭𝐢𝐞𝐬: Late or incorrect tax returns can result in penalties and fines from HMRC. We are experienced in meeting tax deadlines and can help you avoid costly mistakes. Partnering with us it's an investment that can pay off in terms of both tax savings and peace of mind. Don't miss out on our next post and follow us for valuable insights and tips on navigating the world of taxation! #accountant #accountants #accountantsandaccounting #accountancy #accountancyservices #selfemployed #selfemployedmum #selfemployedlife #selfemployedwomen #selfemployedproblems #selfemployedandlovingit #selfassessment #selfassessments #selfassessmentuk #taxreturn #taxreturns #taxreturnuk #taxreturnhelp #TaxReturn2023

An article for business owners to ensure you are following the stipulated ATO rules. Jamie Holroyd Stratosfear Pty Ltd Exponential Finance Tristan Holroyd #businessowners #tax #gettingitright

🚨 New Blog Post Alert! 🚨 Tax Liability: Types, Importance, and Calculation with Example Taxes are a necessary part of life, but navigating the intricacies of what you owe can feel overwhelming. Fear not, for within this guide lies the key to unlocking the mystery of tax liability! Whether you’re a seasoned professional or just starting, understanding your tax obligations is crucial for financial security and peace of mind. Buckle up, as we delve into the what, why, and how of tax liability, transforming confusion into clarity. Read in detail here:- https://lnkd.in/gjW9Zh9q #taxseason #accounting #cpa #bookkeeping #taxliability #important #taxobligations

THE REBEL ACCOUNTANT - TAXTOPIA 8.5/10 Book 37 of 2023. The book's fundamental premise is clear, even if occasionally presented in a somewhat conspiratorial tone: the tax system is rigged. Within the pages of Taxtopia, the veil is lifted on the hidden realm of tax avoidance, unveiling the ways in which tax advisors have empowered their affluent clients to evade, reduce, or entirely escape the tax burdens that the rest of us must bear. While the technical details are often tucked away in casual footnotes filled with humor, the narrative exposes the absurd and unjust intricacies of a tax system meticulously crafted by accountants to ensure their job security. Crafted with a sharp wit and brimming with insider knowledge, the anonymous author not only demonstrates that the global tax system incentivizes dubious practices that favor the wealthy but also reveals that it was deliberately designed with this bias in mind. If you've ever suspected that taxes are a rigged game, a scheme meant to drain the ordinary citizen's wallet, prepare to be shocked by just how true that suspicion is. In summary, this book serves as an outstanding guide to understanding our tax system and how it has been manipulated by the affluent to the detriment of those who unknowingly foot the bill.

We've received some great feedback on our R&D tax relief calculator during its BETA phase and it was interesting to see accountants and R&D consultants reaching out to 'put it through the wringer'. So far, it's been holding up well. However, I can't help but wonder ... is there still something we are missing? Does anyone else have a particularly complex R&D tax relief scenario they can think of to test our calculator? If you do, DM me and I'll send you a link to the calculator! #researchanddevelopment #corporationtax #accountant #randd #technology #randdtaxcredit #taxrelief #hmrc

Below are 3 mistakes that we often see business owners making with their tax preparation. Are you making any of these mistakes? 1. Incomplete or Inaccurate Record-keeping: One common mistake business owners make is failing to maintain accurate and comprehensive financial records throughout the year. Incomplete or inaccurate record-keeping can lead to errors in tax reporting and potentially result in overpayment or underpayment of taxes. It's crucial for business owners to keep detailed records of income, expenses, and other financial transactions to ensure the accuracy of their tax returns! 2. Misclassification of Expenses: Misclassifying expenses is another common mistake that can impact a business's tax liability. Business owners may incorrectly categorize certain expenses or fail to distinguish between personal and business expenses. This can lead to missed deductions or, conversely, claiming deductions that are not allowed, raising the risk of an audit. It's essential for business owners to have a clear understanding of tax regulations and work with accounting professionals if needed to ensure proper expense classification. 3. Ignoring Changes in Tax Laws: Tax laws are subject to change, and business owners may overlook updates or fail to adapt their tax strategies accordingly! Ignoring changes in tax laws can result in missed opportunities for deductions or credits and may lead to non-compliance. Business owners should stay informed about updates to tax regulations, seek professional advice when needed, and proactively adjust their tax planning and preparation processes to align with the current legal landscape. To mitigate these common mistakes, we suggest working closely with accounting professionals (like us!) who can provide guidance and ensure accurate tax preparation. #BusinessOwners #BusinessOwnerTip #AccountingMistakes #TaxPrepMistakes #TaxPreparation #StAlbert #YEG

Filing errors are common...and costly. CBIZ Accounting & Tax expert Bill Smith shares his insights with The Wall Street Journal on how to avoid some of the most common errors. #taxreturns

Filing errors are common...and costly. CBIZ Accounting & Tax expert Bill Smith shares his insights with The Wall Street Journal on how to avoid some of the most common errors. #taxreturns

US Guaranteed #Payments Overview Guaranteed payments in a #partnership are FIXED #payments Made. to a #partner, #irrespective of the #partnership's income . Guaranteed payments are predetermined #amounts that a #partnership agrees to pay to a #partner, Typically for Services #rendered or the #use of #capital.They Represent a fixed #obligation, UNLIKE a partner's Share of #profits or #losses. Pros : (1)Certainty: Partners receiving guaranteed payments have a predictable income stream. (2)#Attracting Talent : Useful for attracting skilled partners who want a stable income. #Cons: (1)Tax Treatment : Taxed as ordinary income for the recipient, Potentially at higher rates than partnership profits. (2)Fixed Nature : Partners may receive fixed payments even in #lean financial years. US #GAAP Accounting : Treatment : Guaranteed #payments are #expensed on the Partnership. 's income Statement . Disclosures : Disclosed in the Footnotes of the Financial #statements. US #Tax #Law: RECIPIENT 's Taxation : Guaranteed payments are taxable as #ordinary income to the #partner #receiving them. #Deductibility: #Deductible business expenses for the Partnership. Tax Reporting #Forms: Partnership. Side: Reported on #Form 1065, Schedule K, & K-1. Individuals Side : Partners report guaranteed payments on their INDIVIDUAL #tax Returns (Form 1040) along with their Schedule K-1