Mahler Advisory’s Post

There are only a couple weeks until the new tax year and our Private Clients #EQTaxperts have collated top tips to help you start the new year off on better footing. Today's Tip: The new tax year will bring changes to the Capital Gains Tax, so it may be preferable to make any disposals before the 6th of April 2024 to optimise your position and potentially save tax. Find out more about the changes in our recent article https://loom.ly/0Du_Z4E You should always seek advice relating to your personal circumstances. For more information or to discuss your own circumstances, get in touch with our Private Client Taxperts via [email protected] or call your local office. #Tax #CGT #TaxPlanning

✨✨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

If you want to reduce your Capital Gains Tax (CGT) bill, time the sale of your assets. The Annual Exempt Amount cannot be carried forward to a new tax year, so it's a case of use it, or lose it. Making the most of your allowance can help reduce your tax bill. Holding off selling an asset until a new tax year starts if you’ve already exceeded the Annual Exempt Amount in the current year is just one way to do so. For 5 more ways, click the link below. https://lnkd.in/ebB5QrJe

Even Crescent's Head of "Kennel"ytics, Tank, knows that when it comes to taxes, it's best left to the experts at Crescent. Have peace of mind and no surprises - give Crescent a call today for a preliminary free conversation about these tax changes and other things to consider as we look into 2025. #CPA #TAX #Crescent #NetSuite https://lnkd.in/ef7ktX_x

If you've been following this week's tax announcements and want to know exactly 'what's what', I recommend this very good, concise summary from my tax colleagues, Miranda Cass and Julia Cockroft 👍

#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

If you want to reduce your Capital Gains Tax (CGT) bill, time the sale of your assets. The Annual Exempt Amount cannot be carried forward to a new tax year, so it's a case of use it, or lose it. Making the most of your allowance can help reduce your tax bill. Holding off selling an asset until a new tax year starts if you’ve already exceeded the Annual Exempt Amount in the current year is just one way to do so. For 5 more ways, click the link below. https://lnkd.in/eg6TYu4m

Understanding the New Tax Regime 2024 Read more : https://lnkd.in/gHjuCuuB Follow us for more updates on Markets and Investments. #Tax2024 #NewTaxRegime #InvestmentAdvisory #JamaWealth

From the 1st of April 2023, your corporation tax rate could be rising to 25% depending on the level of profits earned during the year. This Blog will cover the upcoming changes and give you time to plan ahead to mitigate the impact of the new rules.

When filing their income tax return (ITR), taxpayers can switch between the new and the old tax regime. While salaried taxpayers are allowed greater flexibility in this regard, those with business and professional income have limited opportunities to shift. Our Partner, Alay Razvi shares his comments with Business Standard in an article titled, "Altered financial situation? Switch between new and old tax regime.” Read more at :- https://lnkd.in/gV9KZuaQ #knowledgesharing #opinion #taxation #personalfinance #lawfirm