Fixed Price R&D’s Post

Trusts/NGOs: Are You Really Entitled to Tax Exemptions?⛪ Many Trusts/NGOs believe they qualify for income-tax exemptions under sections like 12A, 12AA or 80G of the Income-Tax Act, 1961. However, compliance is critical. Here’s what you need to know: Key Updates📜: 👉Trusts/NGOs previously registered under 12A/12AA/80G until perpetuity now need to revalidate their registrations due to the Finance Act 2020. 👉All existing 12A/12AA/80G registrations must be revalidated within 5 years. 👉Revalidation applications must be submitted at least 6 months before expiry using Form 10AB. Typical mistakes📌: 👉Misfiling under the wrong clause of Form 10AB, often due to incorrect guidance from tax advisors, can lead to notices from the Income Tax Department. 👉For example, confusion between applying for the renewal of an already approved regular registration versus applying for regular registration from a provisional one can affect exemption eligibility. Steps Ahead📑: 👉For Trusts/NGOs: Don’t rely solely on your tax advisor. Validate their advice and ask questions when necessary. 👉For Tax Advisors: Provide clear, transparent guidance that focuses on procedural aspects, not just the benefits. Bottom Line📋: 👉Be proactive and thorough when applying for registrations under 12A/12AA/80G. Tax authorities leave little room for error. 👉Ensure you're not just focusing on the benefits – confirm that you’re genuinely entitled to them. A notice from the tax department might be just around the corner if you’re not careful!🥲

My Friday update includes: -A reminder of an upcoming webinar on why GST tax will become an increasing concern for wealth transfer planners; -User-friendly reading tools for my newsletter; and -Article summaries for the last two weeks. Enjoy, and I hope to see you for one of the webinar sessions on May 15 or May 23. #estateplanning #trustsandestates #tax #financialplanning #cfp #wealthplanning #wealthmanagement #taxstrategies #taxcompliance

Personal Income Tax: Compliance Approach by IRAS https://lnkd.in/g79f6Prx #TaxCompliance #IncomeTax #VoluntaryDisclosure #TaxFiling #TaxPenalties #OneStopBusinessSolution #uSafe

SMEs can claim an enhanced deduction of 130% of their qualifying R&D costs.

📣 An important reminder today! Undertaking R&D? You must notify HMRC six months in advance if you intend to claim R&D tax credits. This rule means planning your innovation projects is a lot more crucial. Learn about what this means for your tax strategy and how to stay compliant. https://buff.ly/4b2llRk 🍋 #UKBusiness #TaxCredits #InnovationFunding #RDtaxCredits #HMRCUpdates

Confused About UK Taxes? This Guide Will Simplify Everything #UKtax #taxsystem #taxobligations #taxregulations #taxadvice #taxguidance #taxmanagement #taxlandscape #incometax #corporationtax #capitalgainstax #VAT #inheritancetax #taxadvisory #taxcompliance #taxefficiency #taxsavings #taxupdates #taxmatters #TaxAccountant

Mastering Taxes: Essential Tips for Self-Employed Professionals in the US 📊💼 Let's Navigate Tax Season Together! #TaxTips #SelfEmployed #TaxSeason #USBusiness #FinancialAdvice #ProfessionalDevelopment

A Step by Step Guide to Tax Preparation https://lnkd.in/dwU_TWiS

The R&D tax credits scheme is undergoing transformation as a result of HMRC intensifying its scrutiny measures around the eligibility of claims. In this latest insight article, Peter Corley outlines how businesses can ensure that their claims are robust and accurately prepared, as well as the importance of seeking professional support from a trusted adviser 💡 Read the full article here 👇 #randd #researchanddevelopment #randdtaxcredits 

HMRC’s Personal Tax Accounts (PTAs) serve as an online tool that enables taxpayers to view and update their information in real time. The PTA can be used for many routine requests and services and help you bypass the need to call or write to HMRC. #Tax #PersonalTaxAccount