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🗓️ Friendly Reminder: Payment on Accounts Due to HMRC ⭐ Date to Remember: 31st July ⭐ 👉 Who Needs To Pay? Anyone who did a self-assessment for the tax year 22-23 AND had a tax bill (for 22-23) of £1,000 or more. You will have already paid the 1st Payment On Account when you paid for 22-23. 👉 What are Payment On Accounts? When your tax bill is £1,000+, HMRC will make you pay for the next year in advance. They do this using payment on accounts. The first 50% is due on 31st Jan along with your tax bill and the next 50% is by 31st July. The Payment On Account is based on the value of your previous tax bill. 👉 Here’s An Example Tax Bill for 22-23 = £1,000 1st Payment On Account for 23-24 = £500 Total Due: £1,500 Due Date: 31st Jan 2024 2nd Payment On Account for 23-24 = £500 Due Date: 31st Jul 2024 Submission for 23-24 Due: 31st Jan 2025 👉 How Do I Check? Not sure if you need to pay? Here are a few ways you can check: > Log into your Gov Gateway > Using your HMRC App > Calling HMRC > Using the Accessibility Hotline / Chat Feature (link in Linktree) 👉 How Do I Pay? 🕒 Same / Next Day > Approving your payment through your online banking > Online / Telephone Banking using Faster Payments > CHAPS > Debit / Corporate Credit Card > Use the HMRC paying-in slip at your Bank or Building Society 📅 3 Working Days > Direct Debit > BACS 👉 In Summary Due Date: 31st July 2024 What: 2nd Payment On Account to HMRC Why: To help ensure you can pay your tax bill in full Got any questions? Feel free to reach out. We're here for you every step of the way. 🤝 Find helpful links on our Linktree: https://lnkd.in/efs5J6dG #watmoreandco #smallbusinessuk #selfemployed #HMRC #paymentonaccount #selfassessment #neurodiversityinbusiness

🚀 ITR Refund Update 🚀 Here’s a quick guide on how to check your refund status online: 🖥️ On the Income Tax E-Filing Portal: 1. Visit incometax.gov.in. 2. Log in with your ID and password. 3. Navigate to the ‘Services’ tab and select ‘Know your refund status.’ Enter the required details to check the refund status for the chosen assessment year. 🔍 On the NSDL Website: 1. Go to NSDL’s Tax Information Network. 2. Enter your PAN, select the assessment year, and input the captcha code. Click ‘Proceed’ to view your tax refund status. 📋 What You Need: 1. Valid ID and password for the income tax e-filing portal. 2. PAN must be linked with Aadhaar. 3. Acknowledgement number of your filed ITR. 💡 Tip: Check your email for any updates from the Income Tax Department regarding your return. Stay informed and ensure a smooth refund process! 💼💰 #TaxRefund #IncomeTax #ITR #TaxTips #FinancialPlanning

🌟 How to Claim Your Income Tax Refund Online 🌟 Are you eligible for an income tax refund? If you’ve paid more taxes than you owe, here’s a step-by-step guide to help you claim your refund online File Your ITR: Submit your income tax returns by the deadline of July 31, 2024. Use the pre-filled ITR forms available on the e-filing portal and ensure all details are accurate. 👉Verify Your Bank Account: Ensure the bank account for receiving the refund is pre-validated and linked to your PAN. 👉Check Your Refund Status: After filing and verifying your ITR, monitor the status on the e-filing portal or via the NSDL website using your PAN and assessment year. Understand the Process: The tax department will process your ITR and notify you of the refund status. Refunds are directly deposited by SBI into your designated bank account. Interest on Refund: You may receive interest on the refund amount. Report this interest as part of your gross total income for the relevant financial year. Common Issues: 👉 Incorrect bank details can delay your refund. Correct them and request a reissue if needed. 👉The refund may be adjusted if the tax department finds discrepancies in your calculations. 👉Keep a close watch on your ITR processing status to ensure timely receipt of your refund. 📝💰 #IncomeTax #TaxRefund #ITR #Finance #TaxFiling

🚨 Filing a High-Risk Tax Refund? Here's What You Need to Know! 🚨 The Income Tax Department has issued a standard operating procedure (SOP) for verifying high-risk refund claims in the 2024-25 assessment year. Refunds flagged for issues like bogus deductions, false TDS claims, or overstated expenses will undergo deeper scrutiny. If your return shares a common email with multiple filings, or if patterns of false claims are detected, you can expect an investigation. Source: TOI 🔍 Here’s how to stay compliant and avoid delays: 1️⃣ File accurately: Ensure all income and deductions are genuine and correctly reported. 2️⃣ Verify your credits: Check Form 26AS to confirm accurate TDS credits. 3️⃣ Prepare for verification: Organize your documents, including TDS certificates, expense receipts, and donation records. 4️⃣ Stay proactive: If you receive a notice, respond promptly with supporting evidence to avoid prolonged inquiries. Source:TOI 💡 Pro Tip: Consult a tax advisor for expert assistance in navigating high-risk claims. If your claim is legitimate, you have nothing to worry about! Use the official e-filing portal to keep your filing safe and track your refund status. Don’t let your refund get delayed—file smart and stay compliant! #TaxReturns #RefundProcess #IncomeTax #TaxFiling #FinancialTips #TaxRefund #HighRiskRefund #TaxCompliance #FinanceTips #TaxSeason #IncomeTaxIndia #FinancialPlanning #Efiling

Did you know that you can discard a filed return which has not been verified if you realise that you have left out some details or made some mistakes in it? Earlier the only option was to file a revised return. Here are the steps to discard a previously submitted but unverified income tax return (ITR): Log in to the income tax e-filing portal at www.incometax.gov.in Navigate to 'e-File' → 'Income Tax Returns' → 'e-Verify ITR' On the 'e-Verify' page, you will see the unverified ITR you filed earlier. Look for the 'Discard' option next to it Click on 'Discard' to delete the previously filed unverified ITR You can now file a fresh ITR afresh instead of the discarded one Note that you can only discard an ITR if it has not been verified yet. The 'Discard' option is available until the due date for filing the ITR under section 139(1), which is July 31 for most taxpayers

Heads up, business owners! Important GST Update! Starting September 1st, 2024, you must have a valid bank account linked to your GST registration to file GSTR-1 or use the Invoice Furnishing Facility (IFF) for the August 2024 tax period onwards. So, what’s new? Under the new GST Rule 10A, if you don’t have a bank account linked to your GST registration, you won’t be able to file returns.  It’s part of the government’s effort to reduce bogus registrations and tighten the compliance process. Here’s what you need to do: - Make sure your bank account details are updated in the GST portal.  If you’ve recently registered, you’ve got 30 days to link your account or do it before your GSTR-1/IFF filing—whichever comes first. - Haven’t done it yet? Now’s the time to act.  The last thing you want is a disruption in your return filing or claiming ITC. Why does it matter? If your bank details aren’t updated, you won’t be able to file returns for August 2024 onwards.  That could mean delays, missed filings, and unnecessary headaches. GST Network (GSTN) has already sent out a reminder, so take it seriously and avoid the last-minute rush. Stay compliant, stay ahead! #gstupdate #taxcompliance #business #taxalert 

Are you relaxing that you do not need to file ITR as per the Income Tax Act? Yes, continue but check out here the benefits of filing ITR even if you are not required to file: 1.    In case you are planning to avail any loan, usually most banks & financial institutions mandate you to provide your IT returns filed for at least 3 prior years. They don’t even grant the loan if you say you haven’t filed them. 2.   ITR serves as the income proof for various purposes. 3.   If you want a visa, then ITR is important since many countries’ embassies use ITR to know the financial status of the person. 4.   You have brought forwarded losses from business/profession or capital gains head from previous years & you are not willing to lose your right to set-off or carry forward them to next years. 5.   If TDS was deducted for you more than the tax payable by you, then you can claim refund only by filing your ITR 6.   If you could not submit the details of eligible deductions to your employer, you can claim them by filing ITR. 7.   If you could not provide your PAN details to your deductor & they have deducted TDS for you at higher rate. In such case, you can claim refund of excess TDS deducted only by first providing your PAN to the deductor & getting it updated through his revised TDS return. Having gone though the above points, now re-think & assess if you could benefit from filing your ITR. Worried about the procedure? Please don’t…..when we are here for you. Contact us for filing your ITR. Want to know who should file ITR as per Income Tax Act? Wait for the upcoming content…. We feel great to disseminate our knowledge and experience. Follow our page for more updates…. VAH Finance Studio #ITR #Incometaxreturn #Returnfiling #ImportanceoffilingITR #VAH

🚨 GST Alert for Businesses! 🚨 Are you paying rent to a landlord who is not GST-registered? Here’s everything you need to know about Reverse Charge Mechanism (RCM) for Rent: --- ❓ What’s the rule? If your landlord isn’t GST-registered, YOU must pay 18% GST under RCM. --- ❓ Can I claim Input Tax Credit (ITC)? Yes, but only eligible taxpayers can claim the ITC to offset their tax liability. --- ❓ Who doesn’t need to worry? If the landlord is GST-registered, they’ll pay tax under the Forward Charge Mechanism (FCM), and you can relax! 😌 --- ❓ Will the department catch me if I miss this? How would they know? 👉 The rent deed you uploaded during GST registration or amendments will reveal this. 👉 Even if you’re not caught immediately, paying tax as per the law is your duty to avoid future risks. --- ❓ What happens if I don’t pay on time? ⚠️ You’ll lose ITC if the payment is made after 8 months from the financial year-end. ⚠️ The department can demand tax, interest, and penalties under Sections 73/74. --- 📖 Example: You rent an office for ₹50,000/month. GST liability: ₹9,000/month. Forget to pay RCM for FY 2024-25. The department catches this in December 2025. You’ll lose ITC and face interest + penalties. 💡 Pro Tip: Always pay RCM on time and stay compliant to avoid financial stress! #GST #RCM #TaxCompliance #InputTaxCredit #BusinessFinance #GSTUpdate #ReverseCharge

𝐏𝐀𝐘𝐄 𝐑𝐄𝐅𝐔𝐍𝐃𝐒: 𝐓𝐚𝐤𝐞 𝐧𝐨𝐭𝐞 𝐨𝐟 𝐭𝐡𝐞 𝐍𝐄𝐖 𝐏𝐑𝐎𝐂𝐄𝐒𝐒 ⬇ 𝐖𝐡𝐚𝐭 𝐚𝐫𝐞 𝐏𝐀𝐘𝐄 𝐑𝐞𝐟𝐮𝐧𝐝𝐬? Pay As You Earn (PAYE) refunds are governed by Section 87 of the Income Tax Act and are meant to ensure that a taxpayer does not pay tax in excess of what they ordinarily should pay in a tax year. 𝐃𝐞𝐜𝐨𝐝𝐢𝐧𝐠 𝐭𝐡𝐞 𝐍𝐞𝐰 𝐏𝐫𝐨𝐜𝐞𝐬𝐬: HMRC would earlier automatically send out cheques for PAYE overpayments, if the taxpayer did not claim the refund online within 21 days of receiving a P800 tax calculation letter.  This now stands discontinued to reduce fraud and boost online services. 𝐓𝐡𝐞 𝐁𝐚𝐥𝐥 𝐢𝐬 𝐧𝐨𝐰 𝐢𝐧 𝐲𝐨𝐮𝐫 𝐂𝐨𝐮𝐫𝐭: · If you've overpaid tax, you need to claim your refund online. · Between June and November, HMRC will be sending P800 letters detailing your tax calculation and any overpayment. · You have to use the reference number from your P800 letter and your National Insurance number to submit a claim online.   𝐘𝐨𝐮 𝐡𝐚𝐯𝐞 2 𝐑𝐞𝐟𝐮𝐧𝐝 𝐎𝐩𝐭𝐢𝐨𝐧𝐬: Online bank transfer with refund expected within five working days. Cheque to be requested through the online claim process, issued within 42 days. 𝐍𝐨𝐧 𝐃𝐢𝐠𝐢𝐭𝐚𝐥 𝐑𝐨𝐮𝐭𝐞𝐬 𝐜𝐨𝐧𝐭𝐢𝐧𝐮𝐞 𝐭𝐨 𝐫𝐞𝐦𝐚𝐢𝐧 𝐨𝐩𝐞𝐧 𝐰𝐡𝐞𝐫𝐞 𝐲𝐨𝐮 𝐜𝐚𝐧: Make a claim via your personal tax account. Contact HMRC directly to request a cheque. 𝐖𝐡𝐚𝐭’𝐬 𝐢𝐧 𝐢𝐭 𝐟𝐨𝐫 𝐲𝐨𝐮? · Faster refunds with online bank transfers. · Reduced risk of fraud and theft. · Streamlined HMRC processes and lower administrative burdens.  Have you received your P800 tax calculation letter?  #payerefunds #newprocess #refundoptions #benefits

US #IRS has released the draft instructions for the 2025 Form 1042-S for non-US recipient #TaxReporting, let's look inside at some highlights 🔎 Draft instructions here 👉🏼 https://lnkd.in/ekhM_TZF 📌 QIs / WPs / WTs should pay attention to the new box 7d which applies when they are amending Form 1042-S to pull a specific recipient out of pooled reporting. The box should be checked on both the amended original (pool) and the new separate statement. 📌 All Withholding Agents need to review a few new Chapter 3 status codes and income codes (e.g. consent fees, loan syndication fees, settlement payments) to see if they apply to their payee/customer base. 📌 The biggest change that affects all Withholding Agents is the Note about a planned change for 2026 tax year reporting. Currently, a Chapter 3 exemption code is only required where the Chapter 3 withholding rate is 0%. If a withholding rate of 15% is reported, for example, then the Chapter 3 exemption code is blank (or 00). For 2026, the IRS plans to change this so that a code will always be required when the tax withholding rate is below 30% (the highest rate that applies). More to come on this, but Withholding Agents can start preparing by reviewing any hard coded logic that may need to be re-programmed to be dynamic. #TIR #GIR #TaxTransparency #Tax