Private Client Services Partner, Stefanie Lipson, authored "Beyond the GST of It" for the prominent Trusts & Estates Magazine published by WealthManagement.com. A subscription is required to view this article. #TrustsAndEstates #GST #PrivateClientServices
Greenberg Glusker LLP’s Post
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Over the last few weeks, HMRC has begun sending letters to hundreds of taxpayers who avoided capital gains tax on the incorporation of property businesses in 2017/18. The letters state that HMRC believes an excessive amount of incorporation relief may have been applied. This was due to the capital gain arising on incorporation being greater than the value of the property business transferred, the amount of gain held over exceeding the value of shares received in consideration or the relief claim including consideration other than shares. If you have received one of these letters and are unsure of your next steps, get in contact with us today at Bell Howley Perrotton to discuss your situation. Follow the link below to do so today.👇️ 🖥️ - https://bitly.ws/J33K . . . . #hmrc #property #propertyincorporation #incorporationrelief #capitalgains #capitalgainstax #propertybusiness #bellhowleyperrotton
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📢 Speculation About Future CGT Changes: Key Insights for Business Owners With potential changes to Capital Gains Tax (CGT) on the horizon, many might consider accelerating transactions, such as selling a business or a second home. However, it's crucial to get the details right to avoid tax issues. HMRC may suspend penalties for careless inaccuracies if it helps prevent future mistakes, but one-off CGT-triggering disposals often make this challenging. Accuracy in reporting is crucial, especially with an expected increase in transactions. Mistakes can be costly, and HMRC may not be lenient with penalty suspensions. 💼📊 For help with tax-related transactions and ensuring compliance, the team at HMB are here to assist. We can provide the guidance needed to navigate complex tax regulations, get in touch today! 📲 #TaxTips #CGT #Accountancy #BusinessOwners #TaxAdvisory
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Trust registration is not just registering your trust for tax. It is about joining the Trust Register and providing the details of the trust to HMRC. These two areas are completely different. There are now not many reasons why a trust should not be registered, even those with no tax liabilities. Read my blog to find out more, if you are not sure about if your trust is registered then you can check with HMRC on 0300 123 1072. #taxadvice #trustsandestates #trustees https://lnkd.in/ezXPnVb5
Should you be registering a Trust?
forthaccountancy.co.uk
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CWM Chartered Accountants| Online accounting & automation | IR35 | Payroll | Forecasts | Audit| Accounts| Tax | VAT | SA
Dividends received are taxed as income but the rates of tax applied are different to the formal Income Tax rates. Also, individuals can receive dividends up to the annual dividend allowance tax free. The annual dividend allowance for 2023-24 is £1,000. #Dividends #DividendTax
How dividends are taxed
cwmaccountants.com
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Dying to Pay - The Death of a Taxpayer or Business Partner 2024 (webinar) Thursday 6 June, 10:30 - 11:45am Covers... 1. Income tax consequences of asset transfers on the death of an individual, including: ~ When is a market value disposal of assets deemed to occur? ~ How do the tax rules apply for different asset classes in an estate? ~ When is “rollover relief” available? ~ What if the person was a partner in a partnership? 2. GST considerations on the death of an individual taxpayer and a partner. More info: https://lnkd.in/gbdybbZf
Dying to Pay – The Death of a Taxpayer or Business Partner 2024
https://www.cchlearning.co.nz
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New Blog 📣 The deadline for self assessment registration for the year to 5th April 2023 is approaching. Ensuring you are registered and aware of your situation in advance of any HMRC deadlines is vital to avoid fines and minimise your tax liability. If you are unsure on how to register, or if you qualify for self assessment, please read out blog for guidance. https://lnkd.in/ex3xvPxS #personaltax #selfassessment #hmrc
Register for Self Assessment - Don't Miss the Deadline
sherwincurrid.com
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Hook Law has been outlining this for our clients for some time… “The good news: There are creative ways to lock in the lofty exemption while leaving yourself some flexibility. Consider a SLAT if you’re married The spousal lifetime access trust (SLAT) allows you to transfer assets out of your estate with the potential to access them later. These irrevocable trusts, available to married couples, are set up by one spouse with the other as beneficiary. Children are typically secondary beneficiaries. By funding a SLAT, you not only get assets and future growth out of your estate, but your spouse can get distributions from the trust and merge them back into the family finances if needed. As the trust creator, or granter, you pay tax on trust income. Assets you transfer to the trust must be in your name only. In community property states, a partition agreement must define individual ownership of assets transferred to a SLAT. …There’s a risk in waiting any longer to lock in the current exemption. “Your options may become constrained because it takes time to draft documents and value assets,” Dietz says. You’ll have a lot of people trying to do this quickly—you may have a hard time finding valuation experts if you need one.”
The Estate Tax Exemption Could Be Halved at the End of 2025. How to Lock It In. — Barron’s
apple.news
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⚖️ In recent 𝗜𝗥𝗦 𝗴𝘂𝗶𝗱𝗮𝗻𝗰𝗲 (Notice 2024-35) for inherited IRAs subject to SECURE Act’s 𝟭𝟬 𝘆𝗲𝗮𝗿 𝗽𝗮𝘆𝗼𝘂𝘁 𝗿𝘂𝗹𝗲, the IRS stated that failure to take 2024 RMD on an 𝘪𝘯𝘩𝘦𝘳𝘪𝘵𝘦𝘥 IRA will not result in penalties. ⭐ The IRS is expecting to clarify the RMD requirements on inherited IRAs subject to the SECURE Act for the 𝟮𝟬𝟮𝟱 𝘁𝗮𝘅 𝘆𝗲𝗮𝗿. Welcome relief in the long wait for 𝘰𝘧𝘧𝘪𝘤𝘪𝘢𝘭 𝘳𝘦𝘨𝘶𝘭𝘢𝘵𝘪𝘰𝘯𝘴 on this important topic! 🤩 ☎️ Contact 𝗞𝗿𝗼𝗹𝗹 𝗣𝗿𝗼𝘂𝗸𝗼𝘂, 𝗟𝗟𝗣 if you would like to discuss the 𝘭𝘦𝘨𝘢𝘭 𝘳𝘦𝘲𝘶𝘪𝘳𝘦𝘮𝘦𝘯𝘵𝘴 around inherited IRAs or any of your other estate planning and estate administration needs. ✨ https://www.kropro.law/ #iras #secureact #estateplanning #estateattorney #krollproukoullp
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⚖️ In recent 𝗜𝗥𝗦 𝗴𝘂𝗶𝗱𝗮𝗻𝗰𝗲 (Notice 2024-35) for inherited IRAs subject to SECURE Act’s 𝟭𝟬 𝘆𝗲𝗮𝗿 𝗽𝗮𝘆𝗼𝘂𝘁 𝗿𝘂𝗹𝗲, the IRS stated that failure to take 2024 RMD on an 𝘪𝘯𝘩𝘦𝘳𝘪𝘵𝘦𝘥 IRA will not result in penalties. ⭐ The IRS is expecting to clarify the RMD requirements on inherited IRAs subject to the SECURE Act for the 𝟮𝟬𝟮𝟱 𝘁𝗮𝘅 𝘆𝗲𝗮𝗿. Welcome relief in the long wait for 𝘰𝘧𝘧𝘪𝘤𝘪𝘢𝘭 𝘳𝘦𝘨𝘶𝘭𝘢𝘵𝘪𝘰𝘯𝘴 on this important topic! 🤩 ☎️ Contact 𝗞𝗿𝗼𝗹𝗹 𝗣𝗿𝗼𝘂𝗸𝗼𝘂, 𝗟𝗟𝗣 if you would like to discuss the 𝘭𝘦𝘨𝘢𝘭 𝘳𝘦𝘲𝘶𝘪𝘳𝘦𝘮𝘦𝘯𝘵𝘴 around inherited IRAs or any of your other estate planning and estate administration needs. ✨ https://www.kropro.law/ #iras #secureact #estateplanning #estateattorney #krollproukoullp
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If you have lost or forgotten your National Insurance number there are a number of ways to locate it. Firstly, you could try and locate the number on paperwork such as your tax return, payslip or P60. You can also use your personal tax account or the HMRC App to find your National Insurance number. #NIC #NationalInsuranceNumber
Finding your National Insurance number
fjca.co.uk
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