Showing posts with label tax. Show all posts
Showing posts with label tax. Show all posts

February 10, 2014

Why do you need a Chartered Accountant for Strategic Tax Planning?

Tax management is one of the most complex undertakings of an organisation. Currently, businesses have to compete with the economic uncertainty and the growing regulatory oversight. To effectively manage the corporate tax obligations you have to ensure that you have the right set of people in place and are employing the updated technologies to efficiently run the process. With the increasing complexity of tax legislation it is essential to put your tax planning in safe hands.
Here lies the importance of chartered accountants (CA) who have extensive knowledge and expertise to help you in your corporate tax planning. They plan the right strategy to reduce your tax liabilities and deliver cost-efficient and creative solution for the clients.

December 20, 2013

Why do Businesses Need a Good Tax Planning Strategy?

With the world moving at a frantic pace, your business needs to move with it to stay ahead. So why would the tax planning stay behind. There should be some proper methods to maintain tax so that the business owner who frantically search at the end of the financial year for ways to minimise their tax bills should be less. The business operators need to be more proactive to make the most of the ever-changing tax rules as well as tax-saving opportunities. Ideally, they should implement strategies at the beginning of the financial year to avoid year end scramble.

November 06, 2013

The Hidden Cost of Entrepreneurship - Be Ready!

There are so many different costs as you start your own business, you had better have a separate amount of money set aside for those emergency things you didn’t know about. Talk about hidden fees, and it will be securely nestled into a confusion of rules, regulations, tests, insurance and health issues.


You will need to know the laws and regulations for the business that you are about to open. Check with the state to know what licenses you have to have. What are the different laws that you have to meet? Then check with the County that you live in and if you are in the city, what permits you need to even open. You may even have to go in front of a board of regulators, before you can even open your doors. Remember, State, County and then City. Next, check with the Federal Government and find out what you need with them. Most likely a tax identification number to ascertain you are paying your Federal taxes for the business as well as Workman’s Compensation and Social Security is you have employees.

July 21, 2013

A Guide to Understanding FATCA

What is FATCA?

The Foreign Account Tax Compliance Act, perhaps better known as FATCA, is a tax law originally created by the United States government in 2010 and later implemented in several countries across the EU, including the United Kingdom. The purpose of FATCA is to crack down on tax avoidance by United States citizens using foreign accounts and wealthy citizens investing in businesses outside of the country in which they’re based.

June 21, 2013

Demystifying Personal Tax Returns

A tax return is a document that contains the declaration of tax liability and is filed with HM Revenue & Customs in the UK. Contractors and employees working with Umbrella Companies do not need to file tax returns. This is because the Umbrella Companies withholds the right amount of tax liability before releasing their payments and as such they are not required to file any returns.

Ways of saving some money on Tax

In life there are inevitable things and practices. Tax is an element of society that has some historical significance and will be around as long as mankind is. Paying of taxes and filing of the same has never been an interesting practice for many and as such, most people have had the habit of rushing through when calculating and remitting their taxes. Well, in as much as the process may seem undesirable, payment of taxes if given the due diligence it deserves, it can make you save an extra coin. In the United States for instance, research revealed that less than 21% of American workers who earned $50,000 and less were unaware of the Saver’s Credit yet they were the key beneficiaries. There are a number of ways in which you can save money on your taxes should you become extra careful while filing your returns.

April 05, 2013

How to Form Your Company Offshore

Offshore Company Formation

The term offshore company refers to a business that is located outside of the country that the owner lives in. There are many reasons why business owners transfer their companies overseas, one of the biggest reasons is the lowered tax rates. Some business owners find that the privacy and trading regulations in other offshore regions are superior to that of their own country. Let’s talk a little bit about the benefits you’ll receive from registering your company offshore, and also what the process involves.

April 02, 2013

Have You Got What It Takes To Become Self-Employed?

Whether you are recently unemployed, redundant or just fancy being your own boss, there are many factors to consider when it comes to becoming self-employed. You may even be unsure whether this is the right avenue for you to go down at this point, so it will help you to know exactly what is involved before taking that all important step.

First of all you need to register as self-employed with HMRC within three months of the date you started trading. To do this you must establish which way you would like to trade, for example, as a sole trader, a partnership or a limited company. If you are working alone and want to keep things simple then registering as a sole trader is usually the best way to go. 

February 06, 2013

An Idiot’s Guide: IR35

In 1999, the Inland Revenue issued a press release to outline that they had ‘closed a loophole’ that previously allowed freelancers and contractors to avoid paying the majority of their tax and national insurance.

IR35 is the UK tax legislation designed to make sure freelancers whose relationship with their employer is such that if they had been paid directly would:

December 13, 2012

Things to Know About Tax Preparation Service

In a few months’ time, the tax season would have already started and people would once again find themselves stressed out with filling out and preparing all documents needed in order to file their tax returns on time. It is in situations like these that the importance of a tax preparer becomes even more highlighted. Now, the question becomes, what does one need to ask in order to get the right person for the job?

November 14, 2012

The Financial Professionals Who Are Key in Strengthening Your Financial Status

Managing your money can sometimes feel overwhelming. With so many investment options and the increased complexity of some of those options, it helps to have a team of financial professionals available to guide you in making good decisions. There are many types of financial professionals available, but there is a core group that can make a big difference in your financial status and investment strategy. This group includes financial advisors, CPAs and personal bankers.

May 23, 2012

Tax Debt Help: Penalties You Can Avoid

Tax debt help is available to those who find it difficult to pay their taxes. You are not the only person who may be having problems with your taxes. There are so many others who are in the same situation as you are and the IRS provides some tax relief for those of you who are genuinely in financial trouble.

For a lot of taxpayers the main problem does not lie in the fact that they cannot pay the IRS but in the fact that they are not very adept in handling their finances and because of that even if they can pay partial dues they do not totally understand that. This is almost similar to the council tax in the UK.

If you cannot pay the IRS in full you have other options. You must pick one that will minimize the liability that you have towards your taxes which means that you should pick an option where you have to pay the minimum penalties or interests. This is why you must have a good understanding of the tax penalties that the IRS can charge of you.

Basic penalties

Two basic penalties that you need to watch out for when you have back taxes but not the ability to pay are:

1. Failure to file: This penalty is 5% each month and may go up to 25% of the total amount of money you owe. If you understand this you do not need to go to someone for professional help to resolve tax debt that you have. You can do it yourself. This penalty is charged if you fail to file or pay your taxes.

2. Failure to pay: The penalty that you have to pay if you fail to pay your taxes is 5% each month of the total amount owed to the IRS. However, this penalty too can go up to 25% if you do not pay for long.

A lot of individuals think that if they cannot pay it is better to not file at all but this will not get you any help with IRS debt. Instead, you may have to pay extra money with all the penalties and interests that will accrue on your already existing debt.

April 30, 2012

Do you think it is Safe to Efile Taxes

In this current situation it is seen that most of the individuals are filing returns and therefore, they plan to do it online. Using IRS efile is considered to be a popular approach with the help of which you can submit your tax information and therefore it is steadily growing since its debut in 1990. Without much popularity there are many users for whom popularity is one significant question. But if you want to protect your information such as tax numbers or other related data then let me tell you that making use of efile is completely safe in that case.

What are the things that make Internet Communication safe?

When you plan to communicate through web your data as well as information gets send out from your computer. So, there are always chances that your information might get hacked thus, you need to plan out for certain things that will help you to protect all your important data and information.

Secure Internet Connection – Try to opt for a connection that is quite secured and protected.

Antivirus Protection – Install antivirus protection that can safeguard all your information.

SSL – This is a particular form of encryption of data that are sent through web.

Is the Basic System Safe?

The IRS helps to keep all your data well protected and safe. Thus, for individual who files for taxes online can use this particular method to do it safely. So, if you file online then that won’t make much harm. Instead it will make your work much easier as well as hassle free.

Thus, make sure that the transmission of various data is quite secured and safe. So, you don’t have to worry when making efile transmission of taxes. Enable a secure web connection so that you don’t face any of such problems.

Additional information

Business Process Management       
Prime Process Management Group offers BPM and BPMN solutions for medium to large scale enterprises facing a wide range of business issues. We evaluate the organisation, business processes and identify the key areas for a successful BPM implementation.

Individual Savings Account Is a Tax Efficient Way of Investment

Saving money has not been so easy before. A person with urge to secure their future can keep money in Individual Savings Account (ISA). They are easy to deal with and all you need to have contacts of an experienced financial institution to assist them out. Many people often find it hard to understand differences between ISA and ordinary savings account.

There is no doubt that savings account offer interest and is a secure option to save money. But ISA is a tax efficient way of investment. You can save your tax on invested amount as well as the interest you earn from it. Whatever is your investment or growth you do not have to pay capital gain tax or income tax?

There are two types ISAs- Cash ISA and Stock and Shares ISAs. Cash ISAs are relatively risk free. Cash funds grow at a moderate rate and you can withdraw cash anytime.
If you want to take risk in expectation of more return it is better to park your money in Stocks and Shares ISAs. With this type of investment you have to closely follow the market. There are chances that you may receive less money if the market is down. But these ISAs are good if you are thinking of long term investment.

But only UK residents can avail this facility of ISA. One has to be over 16years to open a Cash ISA and of 18years to start Stock and Shares ISA. There are certain rules attached with these investment funds. You need to know these in details to manage your funds efficiently. 

There is a limit on investment in a tax year. This annual limit is on the money you put in those accounts not on the interest received from it. You can create a Cash ISA and a Stock and Shares ISA in one financial year. You can either keep entire money with one account or divide it into two.