Katherine Moore’s Post

Some useful advice and resources to help #smallbusiness avoid problems associated with #latepayment. Brought to you by the Federation of Small Businesses (FSB) and GoCardless. https://lnkd.in/e5M6jxtM #paydontdelay #waitwatchers #cashflow #payments #smes FSB Westminster

Unexplained cash credit u/s 68 - onus to prove source of cash - The Tribunal found that the assessee's business model of currency exchange was genuine, supported by evidence from previous assessments, cash book entries, and balance sheet figures. Therefore, the addition on cash deposits was deleted. Additionally, the challenge to the validity of jurisdiction became irrelevant after the Tribunal granted relief to the assessee on merits. http://dlvr.it/T5RbjD #IncomeTax #Highlights #TaxLaws #TaxTMI

Addition u/s 69A - unexplained cash deposits in the saving bank - The tribunal found the orders of the Revenue authorities to be arbitrary, with a failure to consider the appellant's submissions and evidence. - The tribunal found that the AO had erroneously attributed cash deposits to a bank account not belonging to the appellant, and despite being made aware of this error, the ld. CIT(A) confirmed the addition. Furthermore, the tribunal noted that the appellant had disclosed her business income under section 44AD, yet the authorities failed to provide any reasoned basis for rejecting her claim regarding the cash deposits. http://dlvr.it/T3ncRN #IncomeTax #Highlights #TaxLaws #TaxTMI

Addition u/s 68 - bogus LTCG - share capital and share premium were merely paper credit entries - receipt of accommodation entries in lieu of commission paid - The Tribunal found that the amounts received by BCPL were passed through various entities without actual business transactions, acting merely as accommodation entries. It was determined that these funds should not be treated as income of BCPL. Instead, only the commission income received for facilitating these transactions should be taxed. http://dlvr.it/T3k9zL #IncomeTax #Highlights #TaxLaws #TaxTMI

As per LLP Rules, 2009 [Rule 2392)], Contribution of partner consisting of tangible, movable or immovable intangible property or other benefits brought or contribution by way of agreement or contract for services shall be valued by authorized person. However, as per FEMA NDI Rules, 2019, payment under FDI by eligible investor towards capital contribution of LLPs will be allowed only by way of cash consideration to be received by way of inward remittance through normal banking channels or by debit to NRE/FCNR. #FEMA #FDI #FDILLP #LLP #FOREIGNINVESTORS

The Department of Finance is seeking feedback on whether the FI Acts (Canada’s Bank Act, the Insurance Companies Act, and the Trust and Loan Companies Act) should be amended to prohibit or restrict interlocking directorates. Specifically when a director of a federally regulated financial institution (FRFI) has interests in, or holds other roles in another firm within the financial sector. While the Department of Finance has invited commentary, given the unique role of FRFIs in the Canadian economy, we do not believe these specific amendments to the FI Acts are necessary or desirable because: · The Office of the Superintendent of Financial Institutions (OSFI) has considerable oversight in the corporate governance practices of FRFIs · The scope of potential prohibition/restriction on interlocking directorates would be extraordinarily difficult to articulate by statute, resulting in additional difficulty to adapting to evolving market factors · Competition and other corporate laws providing additional safeguards to ensure the independence of FRFI board decision-making In our bulletin, we detail these points further: https://bit.ly/3zdH8bA #banking #insurance #regulatory #advisory #governance #financialservices Blair Keefe | Eli Monas | Rima Ramchandani | David Forrester | Pat Chapman | Omar Wakil

When time ticks on outstanding receivables, every second counts. Protect your cash flow against the unexpected with Diot Siaci Middle East’s Trade Credit Insurance, ensuring that even if time runs out on payments due, your business remains financially stable. Our policies safeguard your receivables, giving you the freedom to explore new markets without the risk of default. Don't let time dictate your business’s success—ensure timely and protected growth with our tailored solutions. #TimeIsMoney #TradeCreditInsurance #FinancialSecurity

The adoption of inspection-based waivers at credit unions steadily increased throughout 2023, from 4 credit unions at the end of Q1 2023 to 80 at year-end, of the 388 direct GSE issuers. A additional 479 credit unions are correspondent sellers and can take advantage of inspection-based waivers for their members. #inspectionbasedwaivers #propertydata #acepdr #appraisalmodernization #valuationmodernization #fanniemae #freddiemac #mtgefi #creditunions

Navigating HMRC's Time to Pay arrangements post-COVID? The landscape has shifted and HMRC are tightening the reins. The stricter stance may pose cash flow challenges, hindering access to top-tier bank lenders. If this resonates with you, let me know. I can help steer through these changes and find viable solutions for your business 💼💡 #HMRC #timetopaytax #cashflow

Our #July News Roundup is now LIVE! This month, we take a look at several topics impacting individuals and businesses in the UK, such as: ✅ HMRC contacting pending roll-over relief claimants ✅ The slight rise in house prices ✅ The HMRC scrutiny faced by the media sector ✅ The low rate of bounce back loans that have been paid off. #HMRC #houseprices #bouncebackloans