SWG’s Post

#Budget2024: Here are some of the top #directtax suggestions proposed by industry experts ahead of the big day. Janani J. jana reports

Don't delay, utilise your ISA allowance before the year is out! While many are eagerly awaiting the countdown to ring in the new year, it's crucial not to forget about your annual Individual Savings Account (ISA) allowance. That's where your finances come in play! Think of your ISA as a special pot. This pot is not just any ordinary pot — it's tax efficient. So why wouldn't you want to fill it to the top before you lose the opportunity? Here are three key points to remember: 1. ISAs provide tax-free interest on savings. This means every penny you earn in interest, stays in your pocket. That's like having your cake and eating it too! 2. Any ISA allowance not used within the tax year is lost. It will not roll-over to the next year. It's as if Cinderella's carriage turning back into a pumpkin at midnight. 3. You only have until 5th April to utilise your ISA allowance. It's like running a marathon; you don't want to stop a mile before the finish line, do you? So, make the most of what you have, before it's too late! It's like turning sand into gold! Put your ISA allowance to work, and start the new year in a better financial place! #finance #ISA #taxfree #newyear #savinggoals

🤔 Wondering what the budget for 2024 holds for your business? 🤔 👇 Here are the key takeaways you need to know! ✅ Capital Gains Tax on property down to 24% from 28%. ✅ Child benefit threshold to go up to £60k from £50k. ✅ Reforms to the child benefit scheme where the rules will apply to collective household income rather than individual. ✅ From 6th April, a further cut in NI from 10% to 8%. ✅ VAT threshold up to £90k from £85k 👔 Our team of expert tax advisors have analysed the recent budget updates to help you navigate through the changes seamlessly. 🤔 Want to find out more? Just get in touch! #accounting #accountants #MTD #businessfinance #businessgrowth #businessnetworking #banking #tax #xero #financialplanning #vat #incometax #aat

If the Federal budget pass through parliament, it’ll start taking effect starting June 25th this year. This will result in higher taxes on capital gain. Inclusion rate is going up from 50% to 66%. Here are 5 tax-smarts steps that can help you get ready for the higher inclusion rate. 1.       Max out your tax-sheltered accounts: TFSA, RRSP, FHSA, etc. 2.       Grow your non-registered investments in a tax-sheltered environment with life insurance product. 3.       Rebalance your portfolio or realize gains before the change takes effect. 4.               Start estate planning to pass assets like cottages and investments on to the next generation tax efficiently. 5.               Adjust your insurance for higher tax consequences for when you sell your business. My team and I work will with your accountant to come up with a tailored solution based on your needs. This post is for information purpose only and is not meant to provide legal, financial, tax, or any other advice. #federalbudget2024 #capitalgains #inclusionrateoncapitalgains #capitalgaintaxes #personalizedadvice #insurancebroker #investmentsbroker

Attention all business owners!! 🛑 The deadline for filing your income tax return (ITR) is just around the corner - July 31st, 2024. Don't let this important deadline slip by, as failing to file your ITR before the due date can result in a hefty penalty of ₹5,000. By submitting your ITR on time, you can enjoy the following benefits: 1. Avoid Penalties and late fees 2. Easy loan approval 3. Maintain Compliance 4. Tax refunds 5. Serves as a proof of income for term insurance 6. Carry forward your losses And much more!!  So without any further delay, get in touch with your advisor for ITR. P.S. Did you know you can claim deductions by investing in ELSS Mutual Funds!! #itr #incometaxreturn #taxday #financehacks #financiallessons

Do you have money in a standard savings account? As a basic rate taxpayer, you can only earn £1,000 per year interest and not pay tax, higher rate taxpayers (40%) can only earn £500 interest per year - Additional rate taxpayers (45%) do not get any allowance. However, there is another option. An ISA where you can pay in up to £20,000 and not pay any income or Capital Gains Tax on the gains made. If you have never thought about an ISA, not sure how they work or need more information on what type of ISA suits you and your budget then please contact your Financial Adviser who will be able to guide you through the process and get your finances working hard for you. The value of your investment can go down as well as up. You could get back less than you invested. An investment in an ISA does not provide the security of capital associated with a deposit account with a bank or building society. The favourable tax treatment of ISAs may not be maintained in the future and is subject to changes in legislation. #ISA #savings #investments #financialplanning Swann Financial Limited 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). SJP Approved 30/04/2024

📢 Budget 2024 – As a SME business owner, if you're self employed, a partner, or an employee. What Does It Mean for You and your Business? As anticipated, the Chancellor has managed to carve out some room to reduce national insurance by an additional 2%. But beyond this headline, what else was unveiled, and how might it impact your business? Why not read the full details attached, over breakfast. 2024 Budget summary details courtesy of CBASS Founding Partner Darren Moynan, MOYNANSMITH LIMITED 🔍 Key Highlights: Income Tax Stability: The basic income tax rate remains steady at 20% (applicable to income up to £50,270), while the higher rate tax persists at 40%. Additional Rate Tax: For those earning above £125,140, the additional rate tax of 45% remains unchanged. Tax-Free Personal Allowance: Remember that the tax-free personal allowance shrinks by £1 for every £2 of income over £100,000. This effectively translates to a 60% tax rate on earnings between £100,000 and £125,140. Frozen Personal Allowance: As previously announced, the personal allowance of £12,570 will remain frozen until April 2028. 🔒 Stealth Tax Implications: The freeze on personal allowances and tax thresholds means that more individuals will be drawn into the tax net, potentially facing higher tax rates as their income grows. 🗳️ Election Speculation: With a general election looming, could this be the final Budget delivered by the current Chancellor? Keep a close eye on further developments! Attached are the full details - Feel free to share this with your network, and let’s stay informed! #sme #budget24 #stayinformed #business #forwardplanning #financialmanagement #cumbria #networks

Regardless of the economy, this has always been something my business owner clients toss and turn about at night: 2. Extracting an income Finding the best way to take an income from your business during tough times can be tricky. You’ll want to be doubly sure that you’re doing so tax-efficiently. So, make full use of: Allowances 💰 Thresholds 💰 Exemptions 💰 And that’s whether you choose a salary, dividends, or to pay your future self through tax-efficient pension contributions. You’ll want to consider your Personal Allowance, the National Insurance contributions (NICs) threshold, and Dividend Allowance. Claim any additional tax relief you’re entitled to and find out which Annual Allowance applies to you. Keep an eye on your dividends too, as the Dividend Allowance is set to drop to just £500 from this month. HMRC thresholds and allowances are subject to change so professional financial advice can be invaluable here 🤝

The Chancellor's latest Spring Budget announcement holds significant changes impacting the contracting world, so if you haven't already heard, check the bullet points below 👇🏻 👉🏻 VAT Registration Threshold Boost: The limit soars to £90k in annual revenue - the first leap in 7 years, effective from April 2024! 👉🏻 National Insurance Relief: April 6th, 2024, NI sees a 2p cut, pocketing an extra £450 on average for hardworking professionals. 👉🏻 Capital Gains Tax Advantage: From April 2024, the top property rate drops from 28% to a more modest 24%. #SpringBudget2024 #NationalInsurance #VATRegistration

Report today that IHT receipts since the beginning of the new tax year, are £200m higher than in the same period in 2023/24. Interestingly, talk of the tax is largely absent from the main party manifestos. Whilst there are many strategies available to mitigate or plan for IHT, most are impacted by a client's age, poor health, or the desire to retain access and control (whether it's likely to be needed or not). Investments that qualify for Business Relief can be exempt from IHT in two years, and allow the investor to retain control and access (subject to liquidity). Investments can target growth, income and some capital preservation. If it's an area you're unfamiliar with, please get in touch to learn more and find out how you might be able to help your clients improve their estate planning. 📧 w.readshaw@blackfinch.com ☎️ 07398838091 Capital at risk. #iht #inheritancetax #inheritancetaxservices #inheritancetaxplanning #estateplanning #businessrelief #br #bpr #aim #gifts #trusts #protection #wealthtransfer