Illinois Chamber of Commerce’s Post

Self-assessment taxpayers typically need to pay their Income Tax liabilities in three instalments each year. The first two payments on account are due by 31 January during the tax year and by the 31 July after the tax year has ended. Each payment on account is based on 50% of the previous year’s net Income Tax liability. Additionally, the third

Did you know? The William Buck June edition of Be Informed is out. If you want to know about tax planning strategies, R&D Tax incentives, changes to superannuation caps, or some general do's and don'ts to keep in mind throughout the year, give it a read:

The freezing of tax thresholds often leads to a phenomenon known as fiscal drag. When tax thresholds remain unchanged, taxpayers will likely pay more tax as their earnings rise without a corresponding increase in allowances. As a result, more people are “dragged” into higher tax brackets or into paying tax for the first time. This process effectively acts as a stealth tax. #FiscalDrag #Tax #TaxThresholds

Elevator Pitch. On January 8, 1790, President George Washington FIRST established the practice of reporting to the U.S. Congress once a year. Article II, Section 3, Clause 1 of the U.S. Constitution requires that the President ". . . shall from time to time give to the Congress Information of the State of the Union, and recommend to their Consideration such Measures as he shall judge necessary and expedient." President Washington gave Congress his FIRST annual message — now known as the "State of the Union" — on January 8, 1790. He addressed Congress in person in the U.S. Senate Chamber of Federal Hall in New York City, New York (the temporary seat of our government at that time). The second President, John Adams, also conveyed his annual messages in person. Adams' successor, Thomas Jefferson, ended the practice. President Jefferson sent his messages to Congress in writing. For his FIRST annual message, Jefferson had his private secretary deliver copies to the U.S. House of Representatives and the U.S. Senate to be read by clerks. In an attached letter, Jefferson states that appearing in person is too time-consuming, and he wants to give Congress "relief from the embarrassment of immediate answers on subjects not yet fully before them." Jefferson's written communication with Congress began a tradition that lasted over a hundred years. The 28th President, Woodrow Wilson, broke custom by personally addressing a joint session of the 63rd Congress on December 2, 1913, in the form of a speech. With few exceptions, all subsequent Presidents have made it a tradition to deliver an annual message before a joint session of Congress. For example, President John F. Kennedy practiced his prepared remarks in a U.S. Capitol elevator pre-State of the Union on January 11, 1962. This message, which serves as an opportunity for the President to address the Nation and the Congress on the state of the country and their policy agenda, has become known as the "State of the Union" address. The term "State of the Union" was FIRST coined during the presidency of Franklin D. Roosevelt and became a common phrase in American political discourse during Harry Truman's administration. The "State of the Union" address has become a crucial event on the political calendar, allowing the President to outline their vision for the coming year and for the American people to hear directly from their elected leader. #Constitution #ConstitutionalLaw #Politics 

Probably the best analysis, I've read, regarding the culmination of 21 July events. For those who state politics has no business on this site- you're dead wrong. Politics and business intersect. What occurs in politics directly impacts commerce and enterprise. https://lnkd.in/e9Hyev_Y

Self-assessment taxpayers are usually required to pay their Income Tax liabilities in three instalments each year. The first two payments are due on 31 January during the tax year and 31 July following the tax year. #Tax #TaxPaymentsOnAccount

Notes of Debates in the Federal Convention of 1787 - OA PDF: https://lnkd.in/gg23W9aa James Madison’s record of the Constitutional Convention traces day by day the debates held from May to September 1787 and presents the only complete picture we have of the strategy, interests, and ideas of the Founders at the convention itself. In this indispensable primary document, Madison not only provides detailed insights into one of the great events of US history, but clearly sets forth his own position on such issues as the balance of powers, the separation of functions, and the general role of the federal government. More than in Federalist, which shows the carefully formalized conclusions of his political thought, we see in Debates his philosophy in action, evolving in daily tension with the viewpoints of the other delegates. It is for this reason that Debates is invaluable for placing in perspective the incomplete records of such well-known figures as Rufus King and Alexander Hamilton, and the constitutional plans of such men as Edmund Randolph and Charles Pinckney. Madison’s contemporaries regarded him as the chief statesmen at the Philadelphia convention; in addition to this, his record outranks in importance all the other writings of the founders of the American republic. He is thus identified, as no other man is, with the making of the Constitution and the correct interpretation of the intentions of its drafters. #USConstitution #ConstitutionalConvention #JamesMadison #debates #TheFederalistPapers #USHistory

The deadline for submitting paper self-assessment tax returns for the 2023-24 tax year is 31 October 2024. Late submission of a self-assessment return will generate a £100 late filing penalty. The penalty usually applies even if there is no liability or if any tax due is paid in full by 31 January 2025. #SelfAssessment #Tax #TaxDeadlines

CGT is generally charged at a flat rate of 20% on most chargeable gains for individuals. However, if taxpayers are within the basic rate tax bracket and make a small capital gain, they may be eligible for a reduced CGT rate of 10%. Once their total taxable income and gains exceed the higher-rate threshold, the excess is taxed at the 20% rate. #CGT #Tax

The letters in your tax code signify your entitlement (or not) to the annual tax free personal allowance. The tax codes are updated annually and help employers work out how much tax to deduct from an employee’s pay packet. #TaxCode #IncomeTax