Self-employed need to plan for big tax bills in 2023 – 2024
The changes to the basis of assessment of self-employed profits are scheduled to change from 6 April 2024. The new rules mean that profits (and losses) will be assessed based on the amounts arising between 6 April and 5 April instead of the profit/loss of an accounting period ending in the tax year. This means […]
Capital allowances & the super deduction
Make use of these allowances while they last.When a business incurs costs, such as salary payments or stationary procurement, it can usually fully deduct them as expenses from its taxable profits, reducing the tax due. However, when it buys assets for operational purposes, things are not quite so straightforward. There are Federal and state taxes […]
Federal & state taxes Enquiry Fee Protection
Over the last quarter, it has been reported that the number of insurance claims has increased by 60%, as Federal and state taxes ramp up their inquiry activity into potential tax avoidance. A Federal and state taxes enquiry can cost a lot in professional fees, often in the region of $1,000 – $5,000, so ensuring […]
Self-employed need to plan for big tax bills in 2023 – 2024
The changes to the basis of assessment of self-employed profits are scheduled to change from April 6, 2024. The new rules mean that profits (and losses) will be assessed based on the amounts arising between April 5 and April 6 instead of the profit/loss of an accounting period ending in the tax year. This means […]