Kerrie Walsh’s Post

Clarifying Division 293 Tax: A Must-Read for High-Income Earners Our new blog post dives deep into Division 293 tax, an additional levy on concessional super contributions for those exceeding the income threshold. This post explores: ❓ What Division 293 tax is and how it's calculated 😕 The rationale behind the tax and its impact 💰 Payment options and considerations for high-income earners Stay informed and make strategic super decisions! https://bit.ly/45aUelm

The UK Chancellor recently confirmed that Corporation Tax will be capped at 25% in next month’s budget. While this comes as a huge relief to the business community, there are still a lot of concerns about what other taxes could be increased, changed or introduced instead.    It was great to share my thoughts with Sam Sholli at ITR (International Tax Review) on why the new government must find the right balance when it comes to tax policy and ensuring investor confidence in the UK. You can read it here: https://lnkd.in/eSn96Y52 [internationaltaxreview.com]   #budget #tax #corporationtax Ryan

WATCH NOW: CIOT and IFS debate: What should be in the business tax roadmap? Follow this link to watch a recording of last night's 90 minute debate: https://lnkd.in/eSveT2cy THE TOPIC The new government has promised a business tax ‘roadmap’ for the Parliament to be published before the end of the year. The aim is to give businesses more certainty about investment decisions. But what should be in it? Is stability on rates and allowances sufficient or is more needed for the UK to be competitive internationally? Are changes needed to R&D tax reliefs, treatment of debt or the taxation of small businesses? What impact should we expect international negotiations to have on how multinationals are taxed? Additionally, how detailed should it be? What is the right balance between providing certainty to business and giving ministers flexibility to respond to events? Are there lessons we can learn from earlier tax roadmaps? We brought together tax expertise, corporate insight and political experience, including the minister responsible for the last two business tax roadmaps, to consider these important questions last night at 10-11 Carlton House Terrace in central London. OUR PANEL Helen Miller, Deputy Director, Institute for Fiscal Studies Rt. Hon. David Gauke, Head of Public Policy at Macfarlanes LLP and Treasury minister 2010-17 Dominic Mathon, Head of Tax and Treasury, RELX Ellen Milner, Director of Public Policy, Chartered Institute of Taxation Chair: Charlotte Barbour, President, Chartered Institute of Taxation

#Budget2024 proposes to significantly change how capital gains are taxed under the Income Tax Act (Canada). The proposed increase in the effective tax rate applicable to capital gains will have broad reaching effects (potentially broader than articulated in the Budget materials presented by the federal Minister of Finance). The draft proposals raise a number of unanswered questions and present taxpayers with an opportunity to consider whether any steps should be taken in advance of the June 25, 2024 effective date of the proposed changes, as well as what steps should be taken in the future to mitigate the adverse effects of the proposals. Read more from lawyer Andrew Stirling here: https://bit.ly/49T2O95 #taxlaw #canadalaw

✨✨Basis period reform✨✨   The basis period reform is going ahead as planned. The aim of the reform is to account for profit or loss as per tax year and it will affect those of you who are self-employed or in partnerships. The reform will take effect in the 2024-2025 tax year, i.e. now. 🤔 If you have any concerns do get in touch. You can email us at [email protected] Here's the full story if you are not yet familiar. #selfemployed #partnership #basisperiod #tax #taxreform https://lnkd.in/er2DCebA

How have federal tax revenues changed since TCJA was enacted? Tax Foundation has charts and three key takeaways. 1) actual revenues surpassed the pre-TCJA CBO baseline projection earlier than Tax Foundation projected 2) from 2018 to 2024, revenues remain $680 billion below the pre-TCJA 2017 CBO baseline when accounting for unexpected inflation 2a) though the actual revenue outcomes are more positive than Tax Foundation or 2018 CBO projections, the TCJA has not paid for itself 3) revenue forecasting is a helpful, but limited, tool https://lnkd.in/dDme2NGy

Important research and development tax relief updates 🚀 The UK government has rolled out significant reforms that impact how businesses claim and benefit from R&D tax credits. Make sure you're up to date on these developments to maximise your company's innovation potential. Learn more in our latest article 💡 #accounting #accountant #tax #accounts https://shorturl.at/BnbHV

The National Board of Revenue (NBR) is considering implementing a prospective tax system, which will levy taxes on incomes of the coming fiscal year – instead of the current one, as it is now – allowing individuals and businesses to better plan their finances. #CorporateUpdates

#BudgetWithET | #BudgET2024 | #BudgET | The budget has proposed adjusting the tax slabs under the #NewTaxRegime to make it more appealing to #taxpayers. The #StandardDeduction has also been proposed to be increased to Rs 75,000 from Rs 50,000 under the new regime. These tweaks will help #Salaried #employees in the new tax regime save up to Rs 17,500 in #IncomeTax, Finance Minister #NirmalaSitharaman said https://lnkd.in/gp-s4x_9

With the Corporate Tax Return ballooning from 8 pages to over 60, PwC Ireland's Head of Tax, Paraic Burke, suggests it's time to declutter and make tax reliefs like the R&D credit more accessible. Discover how these changes could position Ireland as a global leader in business-friendly reforms in the RTE interview here. #Budget2025