Basic Advice & Guidance

Capital allowances’ is the term used to describe the allowances which allow businesses to secure tax relief for certain capital expenditure. Most capital’ items, such as computer equipment, vehicles, machinery etc last for more than a year or so. The tax rules do not allow you to automatically deduct the full cost of such items in one go. And different rules apply to different types of capital expenditure. In some cases no tax relief is available at all even though you may have spent the money solely for business purposes.

Corporation Tax Self Assessment for private GP Practitioners
Corporation Tax typically applies to profits made by limited companies, members’ clubs and to trade and housing associations.
Tax Rates:
FY 2016: 20% FY 2017: 19%

Submissions:
The submission must include the company’s Self Assessment return alongside details of any trade and other losses such as capital losses.
A company has a right to amend its return, including the Self Assessment within 12 months from the statutory filing date.

Keeping Records
The background records that must be kept include but are not limited to the following details of the company’s:
‘capital expenditure’ such as the purchase and sale or disposal of company assets, equipment, office furniture and vehicles;
liabilities (money it is due to pay people and other businesses);
income and expenditure (e.g.: sales and purchases);
stock, if any, on hand at the end of each financial year;
receipts and expenses;
all relevant supporting documentation.

Ways in which to keep tax bills to a minimum & better understanding of business expenses

Income Tax
Income Tax is a tax paid on taxable income received by individuals including:
Earnings from employment
Earnings from self-employment
Pensions income
Interest on most savings
Dividend income
Rental income
Trust income

Save A Big Amount On Your Taxes

As investments under the ELSS Funds are made in the equity markets, there is a scope for higher returns as against many other tax-saving investment options from the viewpoint of a long-term period. Thus, in addition to savings on taxes, these schemes manage to pull in hefty profits on your capital employed. However, it is always recommended that you should plan to invest in an ELSS fund over medium to long-term period, so as to draw supreme benefits. While Fixed Deposits and Provident Funds provide returns only to the tune of 8%, ELSS schemes hold a remarkable track record of generating returns that have soared up to 12% or even higher, over the past decade.

� Lowest Lock-In Period:

ELSS Mutual Funds have the minimum lock-in period when compared to other tax-saving investment choices. In comparison to a lock-in period of 5 years and 7 years in Fixed Deposits and Public Provident Funds, respectively, ELSS Funds have a lock-in period of merely 3 years. Thus, investors opting for ELSS against FD’s will be able to secure higher liquidity and will be able to plough back their money much sooner.

� Tax Benefits on Gains Earned:

One of the most compelling features of the ELSS Funds is that the returns which are yielded on the investments are 100% tax-free. Once you stay invested in these funds for the minimum designated lock-in period of 3 years, the long-term capital gains arising will remain intact and the taxman will not be able to touch a penny. Thus, by investing in these schemes, the depositors can fully cherish the entire amount received either on redemption or maturity.

� Flexibility in Investing:

Even though the lock in period is somewhat lengthy considering 3 years straight, investors however, can stay invested in these schemes with or without any further addition for as long as they desire. They also have the option to stop an ELSS SIP at any point, but the amount already invested can be withdrawn only after the completion of 3 years. Since ELSS is a well-diversified scheme, it is suggested that it shall be taken into consideration for a long-term investment period.

� Lesser Influence of Market Fluctuation:

Over a good number of years, ELSS Mutual Funds have proven to be fairly less volatile in comparison to other equity investment options. Thus, many market gurus recommend that the investors should choose to invest in ELSS Schemes, so as to protect themselves from the volatility of the conventional stock market options.

Thus, being an investor, if you are desirous to kill two birds with a single stone � reap high returns together with saving a good amount of tax � then the ELSS schemes are the finest choice for you, where you get the chance to draw maximum benefits if you invest systematically. Lumpsum investment at the end of the financial year will only help you to reduce your tax, but your funds might not be capable of generating the same amount of return. Hence, you could miss the potential returns by ignoring the effect of time value of money.

What To Do After Filing A Tax Extension

Not everyone is ready for tax season, some years can be rougher than others. That’s why tax extensions exist, and they are a great move by you if done right. It’s easy to extend your filing period, simply send in a completed Form 4868 � Application for Automatic Extension of Time to File.
This year if you filed an extension prior to April 18, 2017, you now have until October 16, 2017. The deadline may still seem far off, but time flies by fast and sooner than later that deadline will come up. If you haven’t gotten started on your tax returns yet, here’s a few tips to push you to file your tax returns.

Get Help with Filing Your Taxes

Filing your taxes can be stressful, especially when you don’t have everything ready. This includes not having all the documents required to complete a tax return. If so, use your extension time wisely to contact your employers throughout last year and other entities that owe you information.

Keep in mind that failure-to-file penalty is more than failure-to-pay penalty. Filing on time will help reduce the amount of interest and penalties that will stack, and will help you find payment options in time before the deadline hits.

If you haven’t already, seek out a tax professional to help you with your return.

Note � If you don’t owe taxes, usually there are no penalties for filing late. That is because penalties derive from the amount you owe. The only hit you take is that you won’t get your coming refund until you file.

What to Do with Your Tax Extension

Finish Up As Soon as Possible

Understand that a tax extension extends only the amount of time you have to file your taxes, it does not extend the time you have to pay. This makes it all the more important to get your tax return done as soon as possible.

Magnitude Of Finding The Right Electrical Tech

All the previously listed options should be recognized to you so when you should have this advantage, you’ll be capable of finding the right one. Therefore, you should stay in an improved position in gratifying the needs you have. When you’ll get delighting opportunities, you should have better ideas and it’ll provide you increased ways in rewarding your intentions by making use of the best elektriker sor’. There are numerous companies that follow better business concepts plus they never bargain with the business enterprise beliefs or ethics so when you’ll get delighting opportunities, surely, you’ll get delighting encounters favorably. It really is true that folks are taking advanced alternatives and they’re becoming with the capacity of meeting their motives in an improved way. Folks from varied places have a tendency to obtain a anchored and profitable opportunity in achieving their electric powered needs by firmly taking quality the help of the experienced elektriker sor’. Therefore, if you stay considering attaining such benefits, then you too will understand such opportunities with an outstanding output.

Sources are there to help you getting information or the mandatory assistance online and in your neighborhood market as well. But, when you should have more information, you should have more liberty in choosing the needs you have. Therefore, you will need taking advanced alternatives to find out better opportunities so when you’ll get easier ways in achieving the best quality the help of the best elektriker sor’. Because when electrical items are being used in our daily life, the demand of the professional services from the experienced elektriker sor’ in addition has increased as people need their support and services time to time. Now, you have realized that folks have better scopes and facilities in achieving the top electrical alternatives by participating the experienced technicians. You will need knowing these issues in an improved way to achieve the best great things about the available resources and services.

Making Strides In Detecting Fraudulent Tax Returns

The audit resulted in the following six recommendations, which the IRS agreed with:

1.Expand the use of identity theft models to include all accelerated W-2s to compare with tax returns for possible identity theft.
2.Develop criteria to identify and evaluate potential fraud in tax returns.
3.Develop a way to use state lead data to help evaluate tax returns for identity theft.
4.Use tax return data to find the refund amount associated with electronically filed tax returns that were rejected when computing revenues, leave out rejected returns that don’t claim a refund, and account for tax returns with multiple reasons for rejection.
5.Review revenues to ensure that duplicate tax returns are omitted.
6.Tax returns with mismatched income because of amended or duplicate income documents should not be considered for potential identity theft.

The Southbourne Tax Group is a complete-package Accounting & Tax company. We provide a wide selection of small enterprise accounting services, including tax services for businesses and individuals. Our services also include outsourced CFO support, bookkeeping support, local and remote service, payroll processing, QuickBooks support and many more! Our rates are reasonable and you get friendly service from our professional staff.

Our policies and procedures authorize Partners of the Firm for consultation on substantial technical, ethical and industry-wide issues and are also designed to ascertain that customers receive the best financial services available anywhere. The greatest public interest is always at the top of our mind. You can rest assured that our Partners and Staff Members can pinpoint and address all essential issues we encounter.

Our group is considered one of the foremost companies in the locality. By integrating our experiences, expertise and the creative abilities of our staff, each customer benefits from the professional and personal attention they provide.

The Solar Powered Energy For Generating Electricity

Need for electricity is high at the moment day framework. Therefore, you’ll always make an effort to have the best options that will help you getting the latest scopes that provides you better benefits in gratifying the needs you have. Therefore, it’s important to notice that once you will look for achieving the top quality benefits for gratifying your need of intake of the electricity at affordable costs. Whenever you will seek out the best scopes that provides you increased benefits in achieving the needs you have, surely, you will attempt grasping easy and simple solutions to fit the bill. Nowadays, the demand to getting solcelleanlaeg for changing electricity from the solar technology is fantastic and because of this reason many firms have also surfaced to deliver this product. When you should have this instrument, you’ll get the ability of satisfying your electric needs within an easier way and so getting affordable way to take electric power will be better to you. Therefore, without being hesitated to get the latest opportunity, when you will seek out the best opportunity, surely, you will get easy and simple opportunities in interacting with the needs you have. Therefore, you are in an improved spot to have the quality and highly attainable opportunities that can deliver you increased benefits in reaching your needs.

At the moment times, when people are taking smarter and impressive means of creating power, they are simply feeling lucky and they’re becoming enthusiastic about attaining the great things about the latest designed solcelleanlaeg. When you’ll also have such desire, you will attempt getting information in this framework from the reliable resources and it’ll provide you better benefits as well. Nowadays, people are taking advanced and higher benefits in reaching their requirements so when you’ll get these scopes favorably, you will obtain an improved option to find out these options. Therefore, you are in an improved and advanced location to obtain quality scopes and it’ll deliver you better scopes easily. Nowadays, the visible role of the solcelleanlaeg is obvious and therefore by no means you will desire to reduce the attainable benefits. Because of this; you need exposing every little bit of information carefully from the best options so when you can do so, you’ll get the best the help of the reliable resources as well.

The opportunities to choose the best solcelleanlaeg should come for you, when you will remain focused on the chance. Therefore, you are in an improved spot to get yourself a quality opportunity that provides you easier and faster opportunities which’s the reason; you ought to have to be interested enough in grasping these scopes within an easier way. Therefore, people are taking advanced and higher benefits in getting together with their needs so when you will get the opportunities easily, surely, you will obtain an improved range easily as well. Now, you are able to obtain solcelleanlaeg of the best possible quality from the reliable options and it’ll provide you higher benefits as well.

indirect tax system

The current indirect taxation system comprising service tax, state vat and central sales tax(CST) is not geared up to recognize and accommodate the evolving business models of e-commerce. But there are no specific provisions for the e-commerce operators to pay taxes on sale of goods or to make any deductions from the payments being made by them to actual seller of the goods.
A return is a document that a taxpayer is required to file as per the law with the tax administrative authorities. Under the GST law, a normal taxpayer will be required to furnish three returns monthly and one annual return. Similarly there are separate returns for a taxpayer registered under the composition scheme, taxpayer registered as an input service Distributor, a person liable to deduct or collect the tax (TDS/TCS)
TYPES OF RETURNS
GSTR-1 (Registered taxable supplier)
– Details of outward supplies of taxable goods and/or services effected.
– 10th of the next month
GSTR-2 (Registered taxable recipient)
– Details of inward supplies of taxable goods and/or services effected claiming input tax credit.
– 15th of the next month
GSTR-3 (Registered taxable person)
– Monthly return on the basis of finalization of details of outward supplies and inward supplies along with the payment of amount of tax.
– 20th of the next month
GSTR-4 (Composition supplier)
-Quarterly return for compounding taxable person
-18th of the month succeeding quarter
GSTR-5 (Non-Resident Taxable Person)
– Return for non-resident foreign taxable person
– 20th of the next month
GSTR-6 (Input Service Distributor)
– Return for input service Distributor
– 13th of the next month
GSTR-7 (Tax Deductor)
– Return for authorities deducting tax at source.
– 10th of the next month
GSTR-8 (E-Commerce operator/Tax collector)
– Details of supplies effected through e-commerce operator and the amount of tax collected
– 10th of the next month
GSTR-9 (Registered Taxable Person)
– Annual Return
– 31st December of next financial year
GSTR-10 (Taxable person whose registration has been surrendered or cancelled)
– Final Return
– within three month of the date of cancellation or date of cancellation order, whichever is later.
GSTR-11 (Person having UIN and claiming refund)
– Details of inward supplies to be furnished by a person having UIN
– 28th of the month following the month for which statement is filed.

Advantages Of Employing A Skilled And Expert Electrical Engineer

Whether you will need simple electro-mechanical services or you will need hiring a specialist for a greater electrical project, in every the instances the role of a skilled engineer will be of great value. Therefore, when you will desire to have finding the right options that provides you excellent quality opportunities, surely, you will get better options. At the moment times, people aren’t only in a great need of the professionals but they are also searching to discover the best areas, from where they can buy quality scopes. Nowadays, people want to get yourself a beneficial opportunity through finding the right options so when you will need challenges in rewarding your requirements without facing any threat, you will surely receive the effective options. Now, you will need taking smarter and better opportunities that can accomplish you grabbing the fundamental information so when each one of these things will be achievable for you, getting the delighting activities will be easy for you too. At the moment, the need of hiring a skilled elektriker sor’ is therefore of high importance to the people, looking for taking such facilities.

Whenever you are certain to get information about the vacation spots from where you can buy better opportunities and from whom you can attain the mandatory assistance, you will feel satisfied and happier as well. With the info, you may make better and advanced decisions and it’ll continually be of your great choice in getting together with your motives. Therefore, with a try to contact a respected elektriker sor’, you will need looking information about them so as to get effective answers from the web sources. It really is apparent to comprehend that you will need taking special steps that can help in you grabbing easy and simple opportunities and once you will look forwards to acquire an important solution, you will obtain an improved advantage in rewarding the needs you have. Therefore, you will need learning to be a person of enthusiastic interest that could facilitate you getting effective opportunities for employing the specialist elektriker sor’.

A large number of individuals want to obtain their needed electrical power solutions through following effective method of communication and they’re getting the internet as the utmost ideal option to them. Therefore, when you can look forward to acquiring the most reliable opportunities to employ the experienced elektriker sor’, you should have without doubt better likelihood of meeting your motives. Therefore, by no means, getting rid of such special options will be your desire. Once you will attempt grasping easy and simple solutions to satisfy your essential requirements, surely, having better benefits will be easy for you and it’ll deliver you better quality options as well. Nowadays, the value of obtaining a less strenuous probability will there be as the research and technology is rolling out greatly to achieve the best results. While you will take features of choosing the wonderful quality opportunities, surely, you’ll be capable of getting together with your wants in the best possible way with the best elektriker sor’ technical engineers or technicians. Therefore, you will need learning to be a person of great need in satisfying your essentials without diminishing with the situations.

The Electrical Services Nowadays

With development of the technology and technology, diverse types of items attended into life for the daily use. From your electric admirers to other items is nowadays part and parcel of the lifestyle. Therefore, when you should have more things of the types, they could get faulty and in those days, you’ll have to find the best things. It really is true that folks need looking our best elektriker kalundborg as they want them typically by finding problems in the latest electrical power items. Once you will demand such service and other folks will likewise have the necessity of the assistance, without doubt, it’ll be of great value and demand on the market. There are numerous agencies offering these facilities to the normal people so when you’ll also take interest in interacting with the needs you have in the best possible way, surely, you’ll get effective and easier alternatives from the expert technicians. They are really been trained in this field and their skill as well as experience can help you eliminating the issues. Now, you will need understanding various other reasons that has made people becoming an electrician.

Whenever you can look frontward to a rewarding career, you might desire to be an elektriker kalundborg as this is actually the most worthwhile and fast progressing career. Today, people take interest in finding the right options to make money for his or her livelihood. Whenever a profitable field becomes a choice to them including the stated one, they have more interest in rewarding their requirements in the best possible way. It really is true that trained people in this field are actually highly with the capacity of offering the very best quality assistance to the individuals, looking for such assistance. Once you will look to discover the best options, you’ll get delighting encounters and it’ll provide you better opportunities too. Folks from various places want to acquire not only quality the help of the renowned elektriker kalundborg but also they would like to attain the facilities from the respected agencies. Therefore, you’ll get more curiosity about finding the right professional in this field.

It is obviously that getting assistance of delighting quality from professionals will give you money conserving options. Moreover, you’ll get the simplest way to save lots of the electrical engine by achieving the best the help of the main elektriker kalundborg. In every the ways, you’ll get better options to save lots of the important engine or electro-mechanical system and it’ll cause you to possible improving opportunities. Learning the best answer will be possible for you, when you’ll get the very best quality facilities in your area by calling the experienced and skilled elektriker kalundborg. Now, it is not hard to calculate that for the increasing quantity of electrical equipment today, the demand of such specialists has increased noticeably and both of the celebrations, the provider and receiver are receiving benefited by adding one another. So, it’s your time and effort to get interested for interacting with your electric powered requirements in the best possible way.

Inclusion Of Anti Profiteering Clause

Anti-profiteering means to stop a person from earning unreasonable profit through sale of goods and services It mandates a manufacturer and others in the supply of chain to pass on the benefits arising out to input credit and lower taxes to consumers at the pain of penalty. The main intention is to protect consumers from inflation after GST implementation.

MAIN REASONS FOR ANTI-PROFITEERING CLAUSE

There are three main reasons which make this clause necessary is

To set up honest pricing policy, this will help to retain consumers in the GST regime.
To examine whether input tax credits or lower tax rates actually result in a commensurate reduction in price.
To observe the inflationary trends during the initial stages of GST introduction and to analyze and control its long-term effects.

FEATURES OF ANTI-PROFITEERING CLAUSE

A state wise single registration for a taxpayer for filing returns, paying taxes and to fulfill other compliance requirements.
(Most of the compliance requirements would be fulfilled through online)
A taxpayer has to file one single return state wise to report all his supplies, whether made within or outside the state or exported out of the country and pay the applicable taxes on them. (CGST, SGST, IGST etc.)
A business entity with an annual turnover of up to Rs 20 lakh would not be required to take registration in the GST regime, unless it voluntarily chooses to do so to be a part of the input tax credit (ITC) chain.
In order to prevent cascading of taxes, ITC would be admissible on all goods and services used in the course of business except on a few items listed in the law.
In order to ensure that ITC can be used seamlessly for payment of taxes under the Central and the State law, it has been provided that the ITC entitlement arising out of taxes paid under the central law can be cross utilized for payment of taxes under the laws of the states or union territories.
Detailed transitional provisions have been provided to ensure migration of existing taxpayers and seamless transfer of unutilized ITC in the GST regime.
In order to mitigate any financial hardship being suffered by a taxpayer, commissioner has been empowered to allow payment of taxes in installments.
To provide certainty in tax matters, a provision has been made for an Advance Ruling Authority.