Sands Wealth Management Ltd, Managing Partner Practice of St. James's Place Wealth Management’s Post

Corporation Tax increased in 2023 for businesses with profits of more than £50,000 📈 Luckily for businesses facing these pressures, there are some tax-saving tips that could help, such as reviewing your personal taxes and how you draw an income. ------------------------------- If you haven’t looked at your remuneration and personal financial plans recently, we recommend you do so urgently to ensure they remain optimal. 🔗 https://lnkd.in/diwZ9K9H ------------------------------- #businesstaxes #corporationtax *The Partner Practice is an Appointed Representative of and represents only St. James's Place Wealth Management plc (which is authorised and regulated by the Financial Conduct Authority) for the purpose of advising solely on the Group’s wealth management products and services. The ‘St. James's Place Partnership’ and the titles ‘Partner’ and ‘Partner Practice’ are marketing terms used to describe St. James's Place representatives. The levels and bases of taxation, and reliefs from taxation, can change at any time. The value of any tax relief depends on individual circumstances.*

Corporation Tax increased in 2023 for businesses with profits of more than £50,000 📈 Luckily for businesses facing these pressures, there are some tax-saving tips that could help, such as reviewing your personal taxes and how you draw an income. ------------------------------- If you haven’t looked at your remuneration and personal financial plans recently, we recommend you do so urgently to ensure they remain optimal. 🔗 https://lnkd.in/eTTU9RRa ------------------------------- #businesstaxes #corporationtax *The Partner Practice is an Appointed Representative of and represents only St. James's Place Wealth Management plc (which is authorised and regulated by the Financial Conduct Authority) for the purpose of advising solely on the Group’s wealth management products and services. The ‘St. James's Place Partnership’ and the titles ‘Partner’ and ‘Partner Practice’ are marketing terms used to describe St. James's Place representatives. The levels and bases of taxation, and reliefs from taxation, can change at any time. The value of any tax relief depends on individual circumstances.*

Corporation Tax increased in 2023 for businesses with profits of more than £50,000 📈 Luckily for businesses facing these pressures, there are some tax-saving tips that could help, such as reviewing your personal taxes and how you draw an income. ------------------------------- If you haven’t looked at your remuneration and personal financial plans recently, we recommend you do so urgently to ensure they remain optimal. 🔗 https://lnkd.in/eeBN_bAV ------------------------------- #businesstaxes #corporationtax *The Partner Practice is an Appointed Representative of and represents only St. James's Place Wealth Management plc (which is authorised and regulated by the Financial Conduct Authority) for the purpose of advising solely on the Group’s wealth management products and services. The ‘St. James's Place Partnership’ and the titles ‘Partner’ and ‘Partner Practice’ are marketing terms used to describe St. James's Place representatives. The levels and bases of taxation, and reliefs from taxation, can change at any time. The value of any tax relief depends on individual circumstances.*

Corporation Tax increased in 2023 for businesses with profits of more than £50,000 📈 Luckily for businesses facing these pressures, there are some tax-saving tips that could help, such as reviewing your personal taxes and how you draw an income. ------------------------------- If you haven’t looked at your remuneration and personal financial plans recently, we recommend you do so urgently to ensure they remain optimal. 🔗 https://lnkd.in/emrG-qpX ------------------------------- #businesstaxes #corporationtax *The Partner Practice is an Appointed Representative of and represents only St. James's Place Wealth Management plc (which is authorised and regulated by the Financial Conduct Authority) for the purpose of advising solely on the Group’s wealth management products and services. The ‘St. James's Place Partnership’ and the titles ‘Partner’ and ‘Partner Practice’ are marketing terms used to describe St. James's Place representatives. The levels and bases of taxation, and reliefs from taxation, can change at any time. The value of any tax relief depends on individual circumstances.*

Readers are reminded that if the dividends they draw from their company, when added to their other income, exceeds the basic rate Income Tax Band, then much higher rates of dividend tax will apply. #TaxDividends #Dividends

Corporation Tax increased in 2023 for businesses with profits of more than £50,000 📈 Luckily for businesses facing these pressures, there are some tax-saving tips that could help, such as reviewing your personal taxes and how you draw an income. ------------------------------- If you haven’t looked at your remuneration and personal financial plans recently, we recommend you do so urgently to ensure they remain optimal. 🔗 https://lnkd.in/eV65BSfm ------------------------------- #businesstaxes #corporationtax *The Partner Practice is an Appointed Representative of and represents only St. James's Place Wealth Management plc (which is authorised and regulated by the Financial Conduct Authority) for the purpose of advising solely on the Group’s wealth management products and services. The ‘St. James's Place Partnership’ and the titles ‘Partner’ and ‘Partner Practice’ are marketing terms used to describe St. James's Place representatives. The levels and bases of taxation, and reliefs from taxation, can change at any time. The value of any tax relief depends on individual circumstances.*

7 Upcoming Tax Changes You Need to Know 🔍 What Tax Changes Can You Expect in the Coming Years? 1. Individual taxes will be going up. At the end of 2025, the individual tax rates are going to go back to the 2017 levels. The top tax rate will be going up to 39% from 37%. 2. Standard deductions are being cut in half at the end of 2025. Right now, if you're married or filing jointly, you get a standard deduction of $26,000. That deduction gets cut in half, not only for those filing jointly but for individuals as well. 3. Pass-through deductions are going away. 4. Bonus depreciation is decreasing. 5. The Work Opportunity Tax Credit is expiring after 2025. 6. You can no longer immediately deduct research and development taxes. 7. Estate tax exemptions are being cut in half by the end of 2025. So, if you've built up assets over time, your estate taxes could go up significantly unless you shelter them now in trusts. #KevinMcKernan #McKernanLaw #TaxChanges #IndividualTaxRates #StandardDeductionCut #TaxLawUpdates #TaxPolicy

Readers are reminded that if the dividends they draw from their company, when added to their other income, exceeds the basic rate Income Tax Band, then much higher rates of dividend tax will apply. #TaxDividends #Dividends

𝗗𝗼𝗻’𝘁 𝗳𝗼𝗿𝗴𝗲𝘁 - just 86 days until the Annual Exempt Amount for Capital Gains Tax reduces from £6,000 to £3,000 for individuals. The annual exempt amount is a "Use It or Lose IT" allowance. It is the amount of net gains you can make in the tax year before any capital gains tax is payable. That could mean an extra £600-£840 in your pocket for higher rate taxpayers depending on the type of asset you have made the gain on.   Now is the perfect time to consider your position ahead of the tax year ending on 5 April.   It is also worth remembering, if you crystallise a loss, these can then be carried forward against future gains indefinitely, as long as you declare your loss to HMRC within four years of the end of the tax year in question.   Taxation rules can change at any time and are dependent on individual circumstances.   #TaxYearEnd #CapitalGainsTax #TaxAllowances

DO NOT LET MISUNDERSTANDINGS COST YOU YOUR EXCHANGE! A common misconception surrounding the 1031 exchange is that the 180-day closing deadline is the only deadline to account for when closing on the replacement property. Many are unaware that the deadline to close on the replacement property is EITHER 180 days from the sale of the relinquished property OR the due date of the exchanger’s tax returns, WHICHEVER OCCURS FIRST.   If the due date for your tax return is before you close on the replacement property you will no longer be able to defer capital gains taxes through a 1031, and you will have to pay capital gains taxes on the gain from the sale of the relinquished property. Because of this, anyone in middle of an exchange and the due date for their tax return is coming up (March, for partnerships and S corporations & April 15, for individuals and C corporations) must complete their exchange before then OR file for a tax return extension, which will extend the tax return deadline for another 6 months. However, keep in mind that you must still close before the 180-day deadline from the time of sale of the relinquished property. #realestate #1031 #1031exchange #taxplanning #taxreturn