Travis Britton’s Post

If you submit a self assessment tax return, chances are you have heard the term ‘payments on account’ bandied about. They can be a huge shock the first year you need to pay them. So, what are payments on account?   I have recorded a quick video with all the info you need 📽

Considering DIY or cheap cost seg services? Consider this: More professional studies need only find ~$3k in year-one write-offs to save you ~$1k in tax payments hat alone should make up the cost difference To say nothing of the audit risk.

If you have taxable income of less than £17,570 in 2023-24 you will have no tax to pay on interest received. This figure is calculated by adding the £5,000 starting rate limit for savings

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

Income Tax Refund As per the RBI Notification No. RBI/2020-21/82 DPSS.CO.OD No.901/06/24.001/2020-21, dated January 5, 2021, any refund with value more than ₹50Cr require mandatory quoting of Legal Entity identifier (LEI) number. In case of non-availability of LEI the refund will be failed and will require Tax payer to raise refund reissue request and hence will delay refund credit. You are requested to update the latest LEI number in the e-filing portal. Please note that LEI has a validity period and if expired requires to be renewed before being updated in the e-filing portal. Here’s how you can provide the LEI through e-filing portal: Login → Dashboard → Services → LEI Kindly update the LEI to avail smooth processing of refund by CPC, Bengaluru. Source Income Tax Mailer Regards CA Rajpreet Singh Email - carajpreetsingh@gmail.com

Tax paid by the common people is not exactly reaching the government due to fake auditing created by the auditors for the sake of them and business personalities against the government.GEM Card system can enhance the growth of nations economically by bringing the tax amount paid by common people directly to nations finance sector.General Education Medicine (GEM) Card. Prepaid card should be issued for each purchasers. Each purchaser can pay to government directly and the government can pay to next day to seller directly deducting the tax. If so done tax can be minimum of 2% could flourish the government with more than enough funds. #finance  #Preethi Ramamoorthy  #Linkedin  #editor finance