IDEX Consulting Ltd’s Post

Someone asked me today what my tax asks for the new Chancellor are. Here are my personal top 5 (non-party political of course!): 1) Simplification. 2) A multi-year tax strategy providing certainty and stability to enable people and businesses to plan with confidence. This would be helpful in so many areas including pensions. 3) Review of the level of the CGT annual allowance - the reduction to £3000 a year is creating an unexpected compliance burden for too many people. 4) Investment and reform in HMRC to help them better support taxpayers and target tax evasion. 5) Straightforward tax measures to stimulate growth (particularly for start-up and early stage businesses/entrepreneurs). Personally I think these are all realistic and achievable asks, but of course I would say that!

🌟 Smart Tax-Saving Tips from Viewpoint Accountants 💼 Consider these options: 1️⃣ Use ISAs for tax-free savings 2️⃣ Trusts to lower Inheritance Tax 3️⃣ Personal pension contributions to reduce higher-rate tax 4️⃣ Company pension contributions to cut Corporation Tax Lets navigate tax savings together! #ViewpointAccountants #TaxSavings #FinancialPlanning #SmartMoneyMoves

The National Board of Revenue (NBR) has cut the tax on the income generated by provident and other pension funds to 15 percent in the current fiscal year. Read here: https://lnkd.in/dNtWDZTf #providentfund #tax #income #businessnews

Some people avoid self-assessment when they shouldn’t: Pension savers have been urged to fill in an important form (called a tax return) to claim tax relief that could be worth thousands of pounds a year. Higher rate taxpayers can get an extra 20% tax relief on their pension contributions but only if they fill in a self-assessment tax return.

Key regulations for business owners gifting shares: ➡️2006 Pension Protection Act ➡️1998 IRS Restructuring Act ➡️1997 Tax Relief Act Qualified appraisals can shift the burden of proof to the IRS and reduce audit risk. Read more: https://bit.ly/3sot6LA #TaxPlanning #valuation #IRSCompliance

Utilize Tax Allowances and Reliefs Personal Allowance: Make sure you're making the most of your personal allowance and any other income tax reliefs you may be eligible for. ISA Contributions: Consider maximizing your Individual Savings Account (ISA) contributions to benefit from tax-free interest or investment gains. Pension Contributions: Increase pension contributions to reduce taxable income and benefit from tax relief at your highest rate of tax. #TaxAdvice #UKTax @ClearcutAccounting

🔹 The number of people who have been caught by the annual allowance (AA) and lifetime allowance (LTA) limits on pension tax relief rose sharply in 2021/22, according to analysis of latest HM Revenue & Customs (HMRC) statistics. Read more on Professional Adviser here: http://ow.ly/Burs104VNWo #lifetimeallowance #retirementplanning #financialstatistics #taxation #annualallowance #professionaladviser

Time is running out to register! What will be covered? - The changes to pension legislation and what this means for planning. - Identifying clients who need to take action to make the most of their allowances. - Options for investing in uncertain times. - Considerations for capital gains tax planning. https://lnkd.in/e--VDpdY

It’s that time of year again, you might hear of people claiming back tax on their pension payments and think – but how? The way you do it is with a top up payment, or an Additional Voluntary Contribution (AVC) which needs to be made by 31 October 2023, if you want to claim tax back for the 2022 tax year. Click the link below to find out more: https://lnkd.in/gtkUzXN #PensionPlanet #IrishLifePension #SinglePremium  

The Tax Cuts and Jobs Act is set to sunset at the end of 2025. A vast majority of clients should anticipate a tax increase if the Act expires. The chart below outlines the percentage point and dollar amount changes one may expect to see. It is important to be prepared and have a plan. For more information, view our Guide to Retirement: https://bit.ly/44bNV0t