Fortis Accounting Partners’ Post

Budget 2024-25: Key Announcements Expected for Senior Citizens Every section, including corporate entities and individual taxpayers, is eagerly awaiting potential announcements that have the potential to significantly impact their financial situations. Senior citizens especially have been waiting for some tax relief. https://lnkd.in/gGDZrMD5

Planning on lodging your own personal tax return for Financial Year Ended 30 June 2024? Check on this short article from SBS News on Why you shouldn't bank on a refund after lodging your tax return this year. https://lnkd.in/g8dq3eRu

Two weeks ago Jeremy Hunt delivered his spring budget 2024. But what was notable about the chancellor's speech was that almost every measure appeared in advance. Now we can ditch the pretence that budget secrecy matters, Jill Rutter and Gemma Tetlow argue that the Treasury should embrace genuine consultation about tax reform – inside and outside government https://lnkd.in/dwWHatqq #tax #taxreform #ukgovernment #jeremyhunt #ukeconomy #taxpolicy

Changes that may affect your tax refund Changes in life circumstances can also affect your tax refund. Purchasing a home, going to college, or losing a job can make you eligible for certain tax benefits. Similarly, getting married or divorced, welcoming a child, or experiencing the death of a spouse or dependent can also affect your tax benefit eligibility and filing status. These changes could mean you qualify for tax credits like the Child Tax Credit, Earned Income Tax Credit, and the Child and Dependent Care Credit. For the Child and Dependent Care Credit, taxpayers may receive up to 35% of their employment expenses. Additionally, if you make energy improvements to your home, tax credits are available for a portion of qualifying expenses. Check out the IRS website for more information on these credits and deductions, including the new electric and clean vehicle credits under the Inflation Reduction Act of 2022. Stay informed and make the most of your tax benefits. ·      https://lnkd.in/g4Fsjftu ·      https://lnkd.in/gRw9c69K ·      https://lnkd.in/gdbffrrd

🌟 How much tax will I pay from self-employment for 2024-25 in the UK? 🌟 Are you self-employed in the UK and wondering about your tax obligations for the current financial year, 2024-25? Understanding your tax responsibilities is crucial for effective financial planning. Here’s a breakdown that helps clarify "how much tax will I pay" and what you need to consider as a self-employed individual. 👉 What is the Income Tax for self-employed individuals? As a self-employed person, your income tax is based on your profit. For the tax year 2024-25, the personal allowance remains at £12,570. This means that if your profit exceeds this amount, you will be liable to pay income tax on the income above £12,570. 👉 How is the income tax calculated? Your income will be taxed based on three bands: - Basic Rate: 20% on income from £12,571 to £50,270 - Higher Rate: 40% on income from £50,271 to £125,140 - Additional Rate: 45% on income over £125,140 👉 What about National Insurance contributions? - Class 2 National Insurance contributions (NICs): If your profit is less than £6,725, you can choose to pay it voluntarily (the cost is £3.45 per week). If your profit is more than £6,725, Class 2 NICs are treated as having been paid. - Class 4 NICs are charged at 6% on profits between £12,570 and £50,270 and 2% on profits over that threshold. 👉 Can I reduce my tax bill? Absolutely! Consider tax-deductible expenses which can lower your liability. We will tackle this subject in our next post. Remember, that keeping accurate records and maximising your deductions can significantly lower your taxable income. #SelfEmploymentUK #TaxReturns #UKTax #SelfAssessment #IncomeTax #NationalInsurance #TaxPlanning #SmallBusiness #AccountingServicesLuton #FinancialAdvice #BrightTaxLimited

Breaking Free from Tax Woes: Essential Strategies for Financial Relief by Michael Levitt Image via DALL-E Are you tired of feeling stressed every time you think about your taxes? Well, then, you’re not alone! Many people are over their heads when dealing with tax issues like unpaid bills or confusing paperwork.  But you don’t have to stay stuck in this cycle. There are real, practical solutions that can […] #boomers #babyboomers

Tax hazards for savers 🤯 Tax is undoubtedly important, as it pays for essential services in our society such as schools and the NHS. There are, however, useful allowances which can be used to ensure you are not paying more tax than you need to.   Unwrapped money outside of an ISA or Pension could be subject to certain taxes. For example, in 2023, ISA's and Pension's saved Brits approximately 23 billion in taxes on their savings and investments.   A few years ago, interest rates were far lower than what we are currently experiencing, so you would receive far less interest on cash held in savings accounts. For example, if your bank were offering 0.5% interest in 2021, you would need £200,000 in the account to receive a level of interest that passes your personal savings allowance as a basic rate taxpayer. Higher rate taxpayers would have needed £100,000 📉   This year, we would have seen interest rates at least 10x higher than these figures. This means that even savings of £20,000 and £10,000 would leave basic / higher rate taxpayers susceptible to taxes on their savings 🤕   Additional rate taxpayers don’t even get a personal savings allowance, and the reduced additional rate threshold means more people are going to pay tax on ALL the interest they earn.   ISAs will be a suitable solution to this issue, as any interest earned within the wrapper is not susceptible to tax. Using your ISA allowance for this tax year may impact how much of your savings you can 'safeguard' from this tax liability 🔐 #tax #saving #finance

Attention self-employed individuals! 💼 Discover how to maximize your tax refund by claiming the Recovery Rebate Credit before May 17. Don't miss out on potential savings! 💰 #SelfEmployed #TaxRefund #RecoveryRebateCredit #TaxSavings #IRSDeadline #financetips

Maximize Your Tax Savings in 2024-2025 AY ! Tax season is approaching, and with it comes the opportunity to save some serious money! Did you know Section 80C of the Income Tax Act offers significant deductions for various investments and expenses? Here's what you need to know about Section 80C: 👉 Section 80C allows you to deduct a portion of your income from your taxable income, thereby reducing your tax liability. 👉 These include contributions to Employee Provident Fund (EPF), Public Provident Fund (PPF), Equity Linked Savings Schemes (ELSS), life insurance premiums, children's tuition fees, and more. 👉The current limit for deductions under Section 80C is ₹1.5 lakh (as of June 25, 2024). Strategic planning can help you reach this limit and maximize your tax benefit. Confused about how to leverage Section 80C? Don't worry, that's where I come in! As a tax professional, I can help you: 👉 Identify the most beneficial deductions for your situation 👉Plan your investments to maximize your Section 80C benefit 👉Ensure your tax return is filed accurately and efficiently Don't miss out on this valuable opportunity to save! Comment below or send me a message to discuss your specific tax situation and explore how I can help you navigate the upcoming tax season. P.S. Share this post with your network to help others save money on their taxes! 👉 Follow Akshat Sharma for more Tax-Saving tips #TaxPlanning #Section80C #IncomeTaxReturn #TaxSavingTips #Tax

💰 Declare Interest Earned on Savings: What You Need to Know! 💰 Rising interest rates are great for savers, but do you need to pay tax on your interest? Many people don’t know the rules. In fact, 71% of people were unaware that savings interest could be taxed. With HMRC expecting an extra 1 million taxpayers to be liable in 2023, some might face an unexpected bill. Find out what you need to know about tax on savings here 👉 https://lnkd.in/e9BmiGR9 #TaxTips #Savings #InterestRates #Finance #HMRC