TFP Financial Planning Ltd’s Post

As we head into Academy CT compliance season following the signing of financial statements, here is a timely reminder of some of the common taxable income streams we identify within Academies. https://lnkd.in/edE3g8DX

Your estate plan details your total assets, including your house, possessions and accounts and how you’d like these assets to be managed when you pass away. Clearly laying out your net worth with an estate plan is an official declaration within a legal document of how you would like to distribute your assets. An estate plan can help you with the following: • Gifts and trusts: A key part of creating an estate plan is the transferring of wealth while you’re alive to family or beneficiaries using tax-efficient gifts or placing assets into trusts.  • Donating to charity: Planning charitable donations is another way that estate planning could help you reduce an inheritance tax bill. • Final will and testament: Is an important legal document that outlines your wishes regarding the distribution of your estate and names your executor(s) – these are the people who will take care of distributing your assets after you pass. If you haven’t written a will before you pass or become incapacitated, you are declared to have deceased ‘intestate.’ This means your estate will be divided and distributed according to the legal requirements of intestacy, taking away any personal decisions you otherwise would have made. Seek financial advice for more personalised guidance. Reach out to us today. https://lnkd.in/eaSvwSZr #wealthmanagement #financialplanning #wealth #investment #wealthbuilding #financialfreedom #finance #estateplanning

What links VAT treatment of private hire vehicles, tackling non-compliance in the umbrella companies market, mandating postcode provision for freeports and investment zones for NICs relief and VAT treatment of charitable donations? Tax Administration and Maintenance Day 2024. For more information, see our article.

Want to learn how to take control of your family's finances? Watch our ALL Things Family and Finance Webinar, free on our YouTube Channel using the link below! https://lnkd.in/gijasRiz #3rdDecade #nonprofit #financiallit #youngadult #FamilyFinance #FinancialEducation #BudgetingTips #MoneyManagement #PersonalFinance #FinancialLiteracy

Organizations registered to issue charitable gift annuities (CGAs) in different states are likely on top of the annual filings they are required to comply with for each state and how they differ from state to state. But what other state compliance issues should you know about? Download Ongoing CGA Compliance Outside of Annual Filings for a list of additional items to monitor and actions you may need to take to help you keep track.: https://hubs.li/Q02wNJXS0

With the year end approaching, it's time to reduce taxable income. Consider making a charitable contribution to your favorite charity, a move that benefits both your finances and society. Watch this informative video on charitable giving, including tax avoidance and lifetime income, to learn more. Together, let's make a positive impact! Link to video: https://lnkd.in/ebGRx7X5

If you are a higher rate or additional rate taxpayer you have the option to carry back your charitable donations to the previous tax year. A request to carry back the donation must be made before or at the same time as your previous year’s self-assessment return is filed. #CharitableDonations #TaxCharitableDonations #charity #charities

Penalty Case: The quantum proceedings matter has been decided against assessee, but that alone is not sufficient for the penalty u/s 271(1)(c). For the purpose of penalty one has to see, whether the assessee has furnished any inaccurate particulars by making a false claim or it is a claim which has not been found to be admissible by the ld. AO. In the present case, a claim was made on the basis of an opinion of the auditor who has given his opinion which too has been found to be acceptable by the ld. CIT (A) although disallowance is made. Accordingly, following principles laid down by the Hon'ble Supreme Court in the case of *Reliance Petro Products Ltd. reported in 322 ITR 158,* it cannot be held that the claim of deduction by the assessee tantamount to furnishing of inaccurate particulars of income. Accordingly, the penalty was levied by the ld. AO and confirmed by the ld. CIT (A) is deleted. #ITAT #Donation #directtax #caselaw #penalty

Had a challenge with another financial advisor from a cross chapter on who gets to sell a UNIVERSAL LIFE PLAN first! So I activated my A TEAM from BNI! All of us are financial advisors from different companies but we believe in the same principles. So we had a sharing session and it was amazing! Topics shared were.. 1) How UNIVERSAL LIFE works? 2) Its affordable (NOT JUST FOR HIGH NET WORTH) 3)Premium financing and how we can leverage (Borrow money to make more money) 4)How its such an ideal plan to leave a legacy for your family and charity 5) Its like a digital 2nd property.

A fundamental part of accountability by NPOs is explaining what their funds were spent on. We’re glad to share with you the explainer video on classification and reporting of expenses for non-profit organizations, which explains the proposals in Exposure Draft 3. It covers analysis by nature, function or a mixture, fundraising costs, support costs, how to treat capital expenditure, and the disclosure requirements. Share with us your feedback about this topic. https://lnkd.in/dsWx5GR3