Peak Bank’s Post

Isn’t it annoying how the HMRC does not reduce rates when the rest of the country does? The present rate of interest on unpaid IHT liabilities is still 7.75%. This means that when someone dies, and their estate is liable for IHT interest is charged until the liability is due. Take a look at our newest Wealth Management Update to learn more: https://lnkd.in/ecP8Prgt Get in touch with us below, and see the difference proper planning can make to your Financial future: 📞: 029 2045 0143 ✉️: info@penguinwealth.com 💻: www.penguinwealth.com #Finance #Financialadvice #Financetips #Wealth #Wealthmanager #FinancialServices #WealthManagement #Cardiff

Protective addition on account of unexplained credit entries appearing in the bank account - assessee company is a conduit - addition on account of unaccounted commission @ 0.25 % of total unexplained credit entries - The CIT(A) had deleted these additions, finding that the assessee acted as a conduit for accommodation entries, with identified beneficiaries, thus no further addition was warranted in the assessee's hands. The ITAT upheld the CIT(A)'s decision, noting that since the assessee operated as a conduit managed by certain individuals for providing accommodation entries, no addition for commission income was justified. http://dlvr.it/T2VlJd #IncomeTax #Highlights #TaxLaws #TaxTMI

Financial Tip In accordance with IAS 23 "Borrowing Cost," If you buy a car using a loan, the interest, insurance, and legal fees are part of the cost of the car. Let's say you applied for a loan of K60,000.00, which will be payable in 4 years, and after the bank approves, they give you a K56,000.00, less insurance and other processing costs. And the interest expected from the loan is K40,000.00. And later, if you buy a second-hand car for K56,000.00 and later decide to sell it for K70,000.00, you have definitely not made a profit of K14,000.00 but a loss of K30,000.00. Remember that the standard demands that the interest cost and other costs are part of the cost of the car in question, meaning the value of the car was K100,000.00, not K56,000.00.

Prepayment penalties apply when you pay more than the allowed prepayment amount within a year. The penalty is typically calculated as a percentage of the excess amount paid or a few months' worth of interest. #penalty #prepaymentpenalty #earlyprepayment #calculation #ird

Fraud Finder - our document analysis tool, used by Lettings & Real Estate Agents, Card companies, Lenders, Brokers, Insurance companies and many more can pick up #fraud on more than just #bankstatements 🔎 📄 We restored the deleted data (in blue 👇 ) on this Hillingdon Council tax bill showing that the applicant failed to disclose unpaid council tax arrears and a court proceeding when applying for a £800,000 loan 😱 Check out the full case study here 👉 https://lnkd.in/e8YX3jep #fakedocuments #documentfraud #landingfraud #tenancyfraud #insurancefraud #mortgagefraud #applicationfraud

Advisory for furnishing bank account details by registered taxpayers under Rule 10A Must furnish details of bank account/s within 30 days of the grant of registration or before the due date of filing GSTR-1/IFF, whichever is earlier else in near future - Taxpayer Registration would get suspended after 30 days and intimation in FORM REG-31 (Suspension will be automatically revoked if taxpayer updates their bank account details in response to the intimation in FORM REG-31) - Taxpayer debarred from filing any further GSTR-1/IFF - the registration may also be taken up for cancellation process by the Officer if the bank account details are not updated even after 30 days of issuance of FORM REG-31

In some cases, though, the IRS shows a lot less urgency than the taxpayer does. You get a notice from the IRS and have a Revenue Officer looking to talk to you about your circumstances. The Revenue Officer may even send you a Final Notice of Intent to Levy and threaten to seize funds from your bank accounts if you do not respond timely to them. But then, suddenly, radio silence. So, what does it mean and what do you do if you don’t hear back from a Revenue Officer you have been trying to reach? We're addressing this on our latest blog post: https://lnkd.in/gyWMw7Wv #IrsRevenueOfficer #FinalNoticeOfIntentToLevy #TaxpayerIssues #BankAccountSeizure #RevenueOfficerCommunication #TaxDebtResolution #IRSNoticeResponse #TaxLaw #IRSProcedures #IRSCompliance #IRSCommunication #TaxpayerResponsibilities

Three out of six agencies re-proposed a rule to implement Section 956 of the Dodd-Frank Act, dealing with financial institution incentive compensation. The statute requires six agencies to act jointly, but that is not what happened. Our client alert includes a link to our visual memo on the 2016 version of the proposed rule, since that is what the three agencies have re-proposed.

Meg Tahyar is absolutely correct: the incentive compensation re-proposal is political theater. Nothing more. Dodd-Frank section 956 requires SIX agencies (Federal Reserve, FDIC, OCC, SEC, FHFA, and NCUA) to adopt incentive compensation rules. Only THREE (FDIC, OCC, and FHFA) joined this re-proposal. Although the SEC and NCUA are expected to issue their own, identical re-proposala, the Fed seems unlikely to do so. Why does it matter that the Fed won't join the rule? Two reasons: ❎ The proposal won't be legally binding unless all six agencies participate. ❎ The Fed regulates bank holding companies, which typically establish and control the compensation practices of their subsidiary banks. Without the Fed, these rules are toothless.

Glossary Term:- "Pledge" Mostly Usage In: Finance, Accounts And Insurance. Explain: A Thing That Is Given As Security For The Fulfillment Of A Contract Or The Payment Of A Debt And Is Liable To Forfeiture In The Event Of Failure. #Glossary #Pledges