Jonathan Rees’ Post

The Finance Bill 2024 portends a tightrope for the financial services sector. While the government is keen to bolster its coffers by implementing a raft of tax changes in the financial sector, it risks stifling the very growth engine it seeks to fuel. #financebill2024 #financebill #financialservices https://lnkd.in/dxHUkCMr

Other Than Capital Investments And Operating Expenses, How Private Sector is contributing towards Economical Growth of the Nation, Still no incentives and motivation to them from, Regulators, Government Entities and Governments:- 1. Private Business Organisations are major source of employment in the country; 2. Private Business Organisations pay various taxes like GST, Excise, Custom, Income Tax, Listing fee, Non Judicial Stamp Duties, Judicial Stamp Duties, Toll Tax, Road Tax, Green Tax and alike; 3. From above paid taxes and alike the Government Organisations and institutions are maintained and Government employees gets paid; 4. Private Business Organisations pay to various other Intermediaries like Registrar and Transfer Agents, Depositaries, Brokers, Professionals, Auditors, and alike; 5. Private Business Organisations through above are solely running the Economy and driving the Nation towards betterment and financial strength; 6. No financial or any other support or assistance on part of Government Regulators and Government Entities and Governments being provided as motivation on the other hand; 7. Our hard earned money paid as taxes and alike as listed above are being distributed as free bees to people who are not even contributing to the National Economy in any manner. 8. Even after bearing all this much pain such entities are further suppressed financially, mentally and psychologically by unjustified fines where the mistakes are unintentional and beyond our control and not at all malafide. Instead we expect some motivation from Government Regulators, Government Entities and Governments so as to keep the above listed benefits ongoing and can contribute to the Nation’s Economic growth. Expectations of every existing and budding entrepreneur ☺️

GST is not your money.... Do you have trouble paying your BAS? Then you are doing it wrong! GST is 10% of your income, collected on behalf of the ATO - it is not your income, and your services and product fees should be adjusted to ensure that you are covering the GST as well as your other costs. Pass the blame on to the ATO if your clients or customers complain - the ATO requires you to act as the middle man and collect this tax on its behalf - when you consider this to be your income, this is when the trouble begins. Setting up different bank accounts to pop funds into for specific purposes always helps - ie set up a bank account for your daily income and expenses, set one up for GST and move the 10% GST into this bank account on a weekly basis etc etc. Be smart - understand your obligations as a soletrader, rideshare driver, small business owner etc - and if in doubt have a chat to your tax accountant or you can book a $75 consult via my website. www.stellaraccounts.com.au

Way back in 2011 we had a Minister for Finance in Michael Noonan, who along with his cabinet colleague listened to business leaders and implemented pro-business policies that were instrumental in getting the Irish economy out of the very difficult situations it found itself in.    Roll forward to 2024 and we now have another finance minister called Michael but along with his current cabinet colleagues one would has to question if they possess the same listening skills.    In the last few weeks, we have all seen the huge spate of businesses in the hospitality sector take the difficult decision to close their doors for good. Despite multiple warnings that a lot more will follow, the current cabinet don't seem to be doing anything about it. While the minor relaxation on rules on debt warehousing are welcome, this only goes to smooth out legacy costs over a longer period and does nothing to address the current costs spiral most SMEs are facing right now.    Only last week I head of a case where a landlord is trying to double the rent charged on a premises that operates in the hospitality sector. While I don't expect the government can do much to address this issue, it can and needs to do a lot more to help SME's during this difficult period to save jobs and livelihoods of ordinary people. https://lnkd.in/e_tSPy5W

📢 HMRC interest rates to be reduced The Bank of England’s decision to reduce the base rate to 5% means that HM Revenue & Customs (HMRC) will also reduce their interest rates. The interest rates charged by HM Revenue and Customs on late tax payments, as well as the rates they pay on repayments are linked to the Bank of England’s base rate. Late payment interest is charged at base rate plus 2.5%. Repayment interest is paid at base rate minus 1%, subject to a minimum of 0.5%. The reduced rates will apply from: ·        12 August 2024 for quarterly instalment payments; and ·        20 August 2024 for non-quarterly instalments payments. If you need help with your tax or are concerned about being able to pay a tax payment, please get in touch. We can work with you to make a payment arrangement with HMRC. #Tax #HMRC #InterestRates #BankOfEngland #TaxAdvice #Accounting #Finance #UKBusiness

I was reading the news about the budget just now and found this article. It's about a tearoom that needs to keep its turnover below the VAT threshold. This applies to so many small businesses, mine included, who serve the general public. Exceeding the £90,000 threshold is very expensive and takes a more than 50% increase in turnover to cover the VAT. This has been a problem for small businesses that no Government, Tory or socialist has given a damn about. As the article says, the FSB calculates that if the VAT threshold had kept pace with inflation it would now be over £120,000. A lot of that money would feed back into the economy. https://lnkd.in/eWyS5fn3

Self-Assessment Second Payment on Account 2024-2025 https://lnkd.in/dKZhUye Please see the 🔗 👆 on details and how to arrange the Tax Payment Just a short summary The Main Payment options 👇 - Online Bank Transfer (Simplest and fastest method) - Visit to the Bank/Building Society to arrange the transfer (probably more challenging with some many local branches closing down permanently ) - Debit/Credit Card payment through HMRC portal - Cheque by post (As the Due date is so close this maybe flagged as received late) Please ⬇️ - Check any recent correspondence from HMRC Or - Login to your HMRC Personal Account Or - Speak to your Accountant if you have used one to see if there is anything owed Late payment will result in late interest being accrued until the tax has been paid ⏰ HMRC will also post reminders Please note if you have changed Correspondence to be received by online rather than post then you will have to login

Our Finance Director's #1 cash tip. 👉 If you are VAT registered, do not recognise the VAT income as available cash 👈 Why? Because problems soon follow when you are planning cash including VAT. Time after time, I ask for the business income value per month. The reply might be £12K. But really this often means £10K and £2K for the tax man. £12K income, £3K overheads, £8K salary/dividends and £1K cash left – Nope! That £12k income is really £10k for you £2k for the tax man for VAT (okay some of the £2k may be offset if we are being picky) PLUS £1k+ towards corporation tax depending on expenditure. That sweetness of £1k has turned into £1k+ of tax debt. Debt builds up. Debt causes headaches. Avoid debt and plan your cash. It may help you to move about 30-35% of your total income into a business savings account for tax needs, and earn interest whilst the pot grows – your accountant can help determine what percentage you need to move 🙌 Repeat after me, I will not 'register' the VAT income when planning sales cash income 😊 #supplychain #logistics #ecommerce #distribution

Wisdom – incoming… This is our #1 cash tip. 👉 If you are VAT registered, do not recognise the VAT income as available cash 👈 Why? Because problems soon follow when you are planning cash including VAT. Time after time, I ask for the business income value per month. The reply might be £12K. But really this often means £10K and £2K for the tax man. £12K income, £3K overheads, £8K salary/dividends and £1K cash left – Nope! That £12k income is really £10k for you £2k for the tax man for VAT (okay some of the £2k may be offset if we are being picky) PLUS £1k+ towards corporation tax depending on expenditure. That sweetness of £1k has turned into £1k+ of tax debt. Debt builds up. Debt causes headaches. Avoid debt and plan your cash. It may help you to move about 30-35% of your total income into a business savings account for tax needs, and earn interest whilst the pot grows – your accountant can help determine what percentage you need to move 🙌 Repeat after me, I will not 'register' the VAT income when planning sales cash income 😊 #supplychain #logistics #ecommerce #distribution

The VAT threshold has increased for small businesses, from £85,000 to £90,000. The increase in the threshold at which small businesses and self-employed people have to register for VAT eases one form of fiscal drag and increases incentives for work. But it had been frozen for seven years; the rise of £5,000 doesn’t compensate entirely for that. #accountantsandaccounting #accounts #vat https://lnkd.in/gUd6hqzg