Accruon Global Consultants’ Post

Many taxpayers are getting demand notice for short term gains for AY 2024-25, due to different interpretation by the IT department. Is anyone got this type of notice from IT department ? #taxupdates #IncomeTax #TaxCompliance #ShortTermGain #AY202425 #FinancialLiteracy #Taxaudit #Infosys #ITR

As the P11D deadline for the 2023/24 tax year approaches, it's essential to ensure all taxable benefits and expenses paid to your employees or directors are accurately reported. 🔹 Understanding the P11D Form The P11D form must be submitted to HMRC, detailing any taxable benefits or expenses provided to employees or directors during the previous tax year. This includes company cars, health insurance, and other perks. 🔹 Take Action to Avoid Penalties Late or inaccurate submissions can result in significant fines. Ensuring timely and accurate submission is vital to stay compliant and avoid unnecessary penalties. 🔹 Need help with your future P11D submissions? Contact Parsons Chartered Accountants today for expert guidance and support to ensure a smooth and compliant process. #Tax #UKEmployers #P11D #HMRC #Deadline #TaxCompliance #EmployeeBenefits #BusinessTax #Accounting

Missed The ITR Filing Date For 2024-25 . . ..#shriassociate #tdsrefund #taxreturn #IncomeTaxReturn2024 #incometaxreturnfiling #TDS #itr #taxplanning #taxrefund #taxrefund2024 #taxsavings #tax2024 #taxfiling #ClaimTDS

Benefits Of ITR . . .#shriassociate #tdsrefund #taxreturn #IncomeTaxReturn2024 #incometaxreturnfiling #TDS #itr #taxplanning #taxrefund #taxrefund2024 #taxsavings #tax2024 #taxfiling #ClaimTDS

Maximize Your Savings with GSTGuy! Unlock exclusive GST benefits and streamline your compliance with our expert services. Don’t miss out on opportunities to save more—get the most from your GST today! Contact GSTGuy #gst #gstupdates #gstcouncil #gstreturns #gstregistration #gstupdate #gstregistration #gstreturnfilling #gstrefund

A benefit in kind is defined by HMRC as a non-cash benefit provided by a registered employer to an employee that must be reported by 6th July after the tax year end using P11d form and P11d (b) form. Follow my below article published in ukpa.co.uk for the complete guide on benefit in kind.

Payments made by a partnership on behalf of a partner that provides services to the partnership are treated as guaranteed payments. Guaranteed payments are deducted by the partnership and reported as income by the partner on his/her tax return. Guaranteed payments are subject to self-employment tax, thereby satisfying the rule that the individual taking an “above the line” deduction on their personal income tax return has paid social security tax on an amount of income equal to or greater than the medical insurance premiums being deducted. The health insurance policy must be established under the name of the partnership or must be a direct reimbursement to the partner for a premium being paid. If this condition is not met, the partner will not receive an “above the line” deduction. Similar rules apply in the case of HSA payments. The payments for partners that provide services are included as guaranteed payments. If the partner is not providing services, then it is considered a distribution (not deductible by the partnership, not included as income by the recipient. However, keep in mind, since the partnership did not deduct the expense, the partnership income will be higher and lastly, the partner can deduct the HSA contribution on their individual tax return). cpa #accounting #accountant #fiscallyfit #specialist #financial

Sole proprietors can deduct premiums paid on behalf of themselves, their spouse, dependents, and nondependent children under age 27. The individual must not be eligible to participate in a subsidized plan (one which an employer pays a portion of) from an employer of the individual or their spouse. The sole proprietor must have earned income from their business equal to or greater than the medical insurance being deducted. Once again, the government wants to make sure that in order to allow an “above the line” deduction, social security tax must have been paid on income equal to or greater than the medical insurance premiums being deducted. The policy may be in the name of the business or the individual. As you can see, the type of entity that you operate your business under can have a significant impact on how and when medical insurance premiums are deducted. I caution you here, as I do with many complicated areas of taxation. If you are an owner of a business and you would like to take an above the line deduction, please seek the help of a tax professional familiar with these rules. If you’d like to book an appointment with me, please send me a direct message! #cpa #accounting #accountant #fiscallyfit #specialist #financial #taxes #smallbusiness #finance #smallbusinesslove

Payments made by a partnership on behalf of a partner that provides services to the partnership are treated as guaranteed payments. Guaranteed payments are deducted by the partnership and reported as income by the partner on his/her tax return. Guaranteed payments are subject to self-employment tax, thereby satisfying the rule that the individual taking an “above the line” deduction on their personal income tax return has paid social security tax on an amount of income equal to or greater than the medical insurance premiums being deducted. The health insurance policy must be established under the name of the partnership or must be a direct reimbursement to the partner for a premium being paid. If this condition is not met, the partner will not receive an “above the line” deduction. Similar rules apply in the case of HSA payments. The payments for partners that provide services are included as guaranteed payments. If the partner is not providing services, then it is considered a distribution (not deductible by the partnership, not included as income by the recipient. However, keep in mind, since the partnership did not deduct the expense, the partnership income will be higher and lastly, the partner can deduct the HSA contribution on their individual tax return). #cpa #accounting #accountant #fiscallyfit #specialist #financial

The P11D deadline is approaching! This applies if you’re an employer who provides benefits to your employees - things like company cars, health insurance, or phone plans. P11Ds report these benefits to HMRC, ensuring everyone’s on the same page tax-wise. Why it’s important: -Avoid penalties for late filing -Keeps your tax affairs in order -Ensures employees are aware of their tax obligations Need help with your P11Ds? We can guide you through the process. Get in touch. https://lnkd.in/en9jNzTY #Employers #EmployeeBenefits #Accounting