#tax affairs

[eaglesnick]

Scandal After Scandal: Will They Never End?

Boris Johnson was so beset by scandal that his own party turned on him and threw him out of office. We all know about the Partygate affair but there were also questions raised regarding his personal monetary arrangements.  From charges of corruption concerning him asking a Tory donor to supply funds to refurbish his Downing Street residence, to his appointment of the BBC Chairman and an alleged £800,000 loan, Johnson was the epitome of the self-serving Tory.

Johnson has gone but the scandals have continued to rumble on. We had the unedifying debacle of multi-millionaire Nadhim Zahawi being forced to resign after he was  found  guilty of serious breaches of the ministerial code  by covering up issues to do with his attempts to minimise his tax bill.

Sunak’s own wife also avoided UK tax payments by claiming non-dom status. After being asked to “come clean” on his wife’s tax affairs and after much embarrassment the Sunak’s decided she should pay tax in this country.

It is not only those Tories at the top of government who are self-serving. Conservative MP’s have been calculated to have received an additional £15.2 million on top of their MP salaries, personal fortune hunting seemingly more important than giving their constituents 100% of their time. 

“Since the end of 2019, millions of pounds of outside earnings have been made by a small group of largely Tory MPs."  (Skynews: 08/01/23)

When Sunak, after much delay, made public his own tax affairs we discovered that for the year 2021/22 he made £172,415 unearned income from dividends and £1.6 million from capital gains. In total, the PM paid an average tax rate of 22% over a three-year period.

For you and I, the basic rate of tax on income between £12,571 and £50,270 is 20%.  Between £50,271 and £125,140, it is 40 %, going up to 45% for earned income over £125,140.

For Mr Sunak to have only paid 22% on his millions is therefore quite a smack in face for ordinary tax-payers, and one only made possible because the Tories have arranged the tax system to benefit  themselves and their rich friends.

“Angela Rayner, Labour’s deputy leader, said: “[The tax returns] reveal a tax system designed by successive Tory governments in which the prime minister pays a far lower tax rate than working people who face the highest tax burden in 70 years

“… the fact that Sunak paid less than a quarter of his gains in tax highlighted the problems with taxing capital gains at a much lower rate than income…The low tax rate is because we have much lighter taxes on wealth than work”   (Guardian: 22/03/23)

So, if you work for a living, expect to pay proportionately more in tax than those who live on unearned income.

Way back in July 2022, Rishi Sunak was so disgusted with the immoral behaviour of Boris  Johnson that he resigned his post as Chancellor. This is what he said at the time:

“... the public rightly expect government to be conducted properly, competently and seriously. I recognise this may be my last ministerial job, but I believe these standards are worth fighting for and that is why I am resigning.”

But if a week is a long time in politics, then 9 months is an eternity. As we have seen, Sunak himself has become as equally embroiled in monetary scandal as his predecessor and now he is under investigation by the Parliamentary Standards Committee. 

“Rishi Sunak investigation: Government blocked Freedom of Information request into childcare firm.

Mr Sunak is currently being investigated by the Parliamentary Standards Commissioner over his failure to be more transparent about his wife’s shares in childcare agency Koru Kids when quizzed on the subject by MPs.

It comes after i revealed last month that Akshata Murty, the Prime Minister’s wife, holds shares in the firm, which stands to directly benefit from reforms to the childcare system announced in last month’s Budget.” (inews: 19/04/23)

Time and time again we see top Tories under investigation by the Parliamentary Standards Commission. Time and time again we see how self-serving and unprincipled our leaders really are. Mr Sunak it seems, is no different to his predecessors and the sooner he goes the better.

[willsandtrusts]

Discover the benefits of proactive tax planning with Wills & Trusts Accountants. Don't wait until year-end; start now to free up your time, avoid surprises, and ensure healthy financial accounts.

[politijohn]

Source

[nsktglobal-12]

Everything about Child Tax Credit (CTC)

Raising a child can be expensive, one of the most significant expenses for many American Taxpayers. Various studies have found that the cost of raising a child can go up to $200,000, and taxpayers with children need to be well aware of its consequences on their tax bills. The Child Tax Credit, or the CTC, is one of these implications and often proves to be one of the biggest tax deductibles for many taxpayers. Therefore, taxpayers with children must know the Child Tax Credit and understand how to claim it. Let us delve deeper into this topic and learn about the Child Tax Credit.

History of Child Tax Credit

The American government devised this tax credit to help low-income families better care for their children and families. However, it is essential to know that introducing these credits has not been majorly beneficial to low-income families, as previously, the rules related to it could have been more practical. At a point in time, the CTC was only given to families with three or more children, and the amount of tax credits made available to the public was way less. Several amendments have been made to the laws and regulations related to the CTC. Since 2022, these amendments have somewhat been observed to be effective as more people receive help from the government in the form of CTC,

How much Child Tax Credit you can get:

The amount of Child Tax Credit one can avail depends upon the number of children raised by a taxpayer and the age of these children. For children under the age of 6, parents can avail of a Child Tax Credit of $3,600. This is the maximum tax credit available for a single child. For children 6 to 17 years old, you can avail of a maximum tax credit of $3,000. You cannot claim this tax deductible for a kid above 17 years old. However, if your kid is more than 17 years old and is still a student that depends on you, you can take the student credit. You can receive half of the tax credit you are eligible for every month and get the remaining half when your tax refunds get credited for the year.

Who can get the Child Tax Credit

If you file your taxes separately and your AGI is below $75,000, you can file a claim for the total amount of the Child Tax Credit. However, if you are married but file your taxes jointly with your spouse, you can avail of the full Child Tax Credit if the total AGI of your family is below $1,500. If your AGI crosses these limits, you lose $50 for every additional $1000 above the AGI limit. In addition to the AGI limit, another qualifying factor must be met for taxpayers to avail of the Child Tax Credit. Parents can claim a Child Tax Return for children under 17 years old. The tax credit for children under six years is higher than it is for children older than six years. It is also essential for the mentioned child to live with the parent for more than six months within a year. The six months to be counted don't have to be consecutive. Child Tax Credit is also provided in many cases where the child lives away from the parent.

Process of claiming the tax credit

Parents need to remember that even if they do not file tax returns, they can avail of the Child Tax Credit 2022. To file a Child Tax Credit 2022 claim, one must file the 1040 Form. A taxpayer willing to claim CTC must attach a Schedule 8812. You can file your claim on paper like any other tax deductible. However, it is suggested that the taxpayer mentions the Social Security Number of their children to ensure that they receive tax returns at the earliest. You must provide the right SSN to ensure your returns. You will be required to file an amended tax return to the IRS, to make changes in the tax return. This takes a lot of time. It is also suggested that the taxpayers ensure that they only claim the tax credit for children, not availing the same for themselves.

Example of Child Tax Credit

Suppose you have a five-year-old daughter and earn $60,000 per year. This implies that your earnings are within limits set by the IRS to receive the full child tax credits. However, if you make more than $150,000 as a couple with your spouse, or $112,500, as a single parent, you would have to pay a phase-out that reduces the first $1,600 parents receive if their kids are five years or younger. In addition, if you have another phase-out in the picture, you would start losing money on the $2,000 Child Tax Credit. The phase-out lowers the credit by $50 per $1,000 you earn above the limit. If you, as a single parent, earn $117,000, you would be entitled to a Child Tax Credit of $1,750, and so on. This is how the Child Tax Credits you are eligible for, are calculated.

Although the tax filing process might appear straightforward, there's always a catch, and you must be aware of all the laws and regulations related to the tax credit you intend to apply for. It would be best if you met several conditions to qualify for the Child Tax Credit. These conditions include a range of AGI based on the taxpayer's filing status and the kids' age listed on Form 1040. If you are a business owner working towards expanding your business, keeping track of all the tax deductions you can benefit from and accumulating the documents that need to be produced to back these claims can get hectic. Taxpayers need to be able to file all the deductions they are eligible for to keep their tax bills low. NSKT Global specializes in accounting and strategizing one's tax returns. The team of experienced professionals at NSKT Global requires credentials to connect your bank account to their infrastructure, allowing them to access information regarding the tax deductions you are entitled to. Top-of-the-line infrastructure, combined with highly affordable prices, proves to be beneficial for SMEs. Click here to find out how NSKT Global can help you keep an eye on all your tax affairs and lower tax bills! 

FAQs:

1.  Which form do I need to fill up to avail of the Child Tax Credits?

You would need to fill up Form 1040. To file for child tax credits, one must list them, just like the remaining tax deductions and refunds.

2.  What do I need to do with Form 1040 to avail of the Child tax credit?

You need to fill up the name of your children and their SSNs to file a claim for the CTC.

3.  How can NSKT Global help me lower my tax bills?

NSKT Global helps you stay on top of your accounts and strategize the best tax return strategies, so your tax liabilities go down this year.

 Schedule a Free Consultation 

[clj-art-blog]

DFQC and XLH | Support and care of his beloved wife in boring paperwork of national importance

[canyoureallycallthisablog]

I have NO recollection of making this and now you shall be cursed with its existence too

[tinseltownie]

born to scream the Eras Tour version of illicit affairs, forced to sit in a stupid clas

[senju-tobinyama]

Watercolors + tbrm

[applaudforfraud]

Exposing Delaware's Infinite Money Glitch! | Global Secrecy Starts Here ...

[southsouthcooperationday]

Remarks at Organizational Session of the Ad Hoc Committee to Draft Terms of Reference for a United Nations Framework Convention on International Tax Cooperation.

Excellencies, Distinguished Delegates, Ladies and Gentlemen,

I have the honour to declare open this organizational session of the Ad Hoc Committee to Draft Terms of Reference for a United Nations Framework Convention on International Tax Cooperation.  On behalf of the Secretariat, I would like to welcome everyone present here today and following online via UN Web TV.

The General Assembly established this new, ad hoc intergovernmental body by its resolution 78/230 of 22 December 2023.  This was a historic step forward in promoting inclusive and effective international tax cooperation at the United Nations.  It is also a key step in achieving the Addis Ababa Action Agenda and the 2030 Agenda for Sustainable Development.

Aggressive tax avoidance and tax evasion have a corrosive effect on public trust, financial integrity, the rule of law and sustainable development across the globe.  Advancing inclusive and effective international tax cooperation can address these challenges and foster trust. It can also help countries mobilize domestic resources and support investment in the SDGs.

This UN intergovernmental process can help shape an international tax system that serves multiple purposes.  The system must respect countries’ sovereignty and the way markets operate and business is done in our modern world.  It must also establish transparent international tax rules and procedures that respond to the needs, priorities, and capacities of all countries. 

Distinguished Delegates,

Great strides have been made in international tax cooperation, at the OECD, the United Nations, and in regional and sub-regional tax organizations, that engage all stakeholders in tax systems.

Despite best efforts to address global taxation issues, many developing countries still feel that they have little to no contribution in setting the international tax rules that address their priorities.

This Ad Hoc Committee convenes for the first time, with the mandate to develop draft terms of reference for a UN Framework Convention on International Tax Cooperation. 

All UN Member States must make the most of this rare opportunity to develop an instrument that addresses global challenges that are not adequately addressed by existing arrangements, including the priorities of developing countries.  Such an instrument would strengthen synergies with existing arrangements.

 A framework-protocol approach would not solve all the challenges or create opportunities in international tax at once.  Yet, it could lead to increased revenue collection, curb tax evasion and illicit financial flows, and ensure tax is used more effectively as a policy lever for sustainable development in the short to medium term.

I would like to thank the Bureau-designate for its hard work in preparing for this organizational session over the past several weeks, in consultation with Member States through the regional groups.

It is now up to this Ad Hoc Committee, over the next three days, to lay the Committee’s approach, the organizational foundations, and initiate substantive preparations to deliver on its mandate.

The first task before the Committee is electing its officers.  The resolution specifies that the bureau of the ad hoc intergovernmental committee shall be made up of not more than 20 members.  It shall consist of one chair, one rapporteur, and 18 vice-chairs, elected on the basis of balanced geographical representation and taking into account gender balance, with each of the five regional groups equally represented. 

I wish you every success in this session and on the delivery of your important mandate. 

Thank you!

[willsandtrusts]

Taking control of your tax affairs doesn’t have to be seen as a need-to-do activity or be overly laborious. In fact, having a clear plan in place can help maintain good financial health, identify any potential stress points and highlight opportunities for the year ahead.

Wills & Trusts Accountants will help create an easily implemented structure that promotes best practice and keep your accounts and finances robust and in good order. We bring together professionals who are motivated to secure the best outcome for you or your company.

Contact us today to discuss any aspect of your tax affairs and we will be more than happy to help.

[politijohn]

Source

[taxservices123]

Tax Services

[apacnewsnetwork0]

AP is all set for designing the new Skill University: Buggana Rajendranath, Minister For Finance, Planning, Skills Development & Training Government of Andhra Pradesh, at APAC National Skill Conclave

Visakhapatnam: The APAC Nation Skill Conclave at Andhra Pradesh, hosted by the Government of Andhra Pradesh and the Andhra Pradesh State Skill Development Corporations (APSSDC) saw several state ministers, IAS and IPS officers, industry leaders, HRs, University VCs come together, aiming to connect the government, industry and academia, to bridge the skill gap. “We are in the process of designing our Skill University,” the event’s chief guest, Buggana Rajendranath, the Minister For Finance, Planning, Commercial Taxes, Skills Development & Training and Legislative Affairs, Government of Andhra Pradesh, informed.

Read More - https://apacnewsnetwork.com/2024/02/ap-is-all-set-for-designing-the-new-skill-university-buggana-rajendranath-minister-for-finance-planning-skills-development-training-government-of-andhra-pradesh-at-apac-national-skill-conclave/

[philosopherartisian]