RSM UK’s Post

The media industry in the UK is dynamic and continuously evolving. Estimated to be worth £53bn by 2033, it’s imperative that the UK continues to invest and grow the sector to meet new digital demands, stay ahead of technological advancements and changing consumer appetites. Our Media Industry Outlook, published today, explores some of the key challenges and opportunities within the industry💡 #RSMMediaOutlook #RSMInsights

Some really interesting findings from our survey with 300 UK media business leaders, spanning sectors including advertising agencies, television, gaming, audio and publishing. Make sure you read our articles via the link below ⬇️⬇️⬇️ https://lnkd.in/e9GR6Sth #RSMInsights #RSMMediaOutlook

Are you expecting a pay rise or bonus in the new tax year? 💷 Tax planning tip 1: Review Your Income Take a look at whether any pay rises or bonuses push you into a higher tax bracket. This might affect your net income, eligibility for benefits or the ability to save more. For more help planning your tax year end finances, get our Tax Year End Checklist from the website. https://lnkd.in/eHinZdKW #Tax #EndOfTaxYear #TaxPlanning #FinancialEducation #BetterWithMoney

Tax planning tip 2: Are you aware of tax thresholds and allowances? Higher and Additional Rate Thresholds:  Be aware of the thresholds for higher (40%) and additional (45%) tax rates Get more information about Income Tax rates and Personal Allowances here: https://lnkd.in/eiJfA8R Planning can help minimize your tax liability. Personal Allowance:  Check if your income is near the threshold where your personal allowance begins to reduce (£100,000 for the 2024/25 tax year). You lose £1 of your personal allowance for every £2 of income above £100,000. For more help planning your tax year end finances, get our Tax Year End Checklist from the website. https://lnkd.in/eHinZdKW #Tax #EndOfTaxYear #TaxPlanning #FinancialEducation #BetterWithMoney

Tax planning tip 5: Investments Capital Gains Tax (CGT):  Your annual exempt amount is reducing from £6,000p.a. (2023/24) to £3,000p.a. (2024/25). Have you considered transferring assets to a spouse or civil partner to use their allowance? Dividend Allowance:  Use your £1,000 tax-free dividend allowance efficiently. This is reducing to £500 from 2024/25. For more help planning your tax year end finances, get our Tax Year End Checklist from the website. https://lnkd.in/eHinZdKW #Tax #EndOfTaxYear #TaxPlanning

The latest article we are putting outside the Tax Weekly paywall is my comment piece from last week. This considers a pragmatic, interim solution should Pillar One fail, whilst all the pressures that made it necessary remain.

Having to pick between “married filing jointly” and “married filing separately” may feel like a relationship test, but it’s about what makes the most sense based on both of your financial circumstances. Filing jointly usually means you’ll owe less in taxes as a couple and can take advantage of certain tax breaks, but there are some cases where it’s best to keep your returns separate. #TaxSeason https://ow.ly/ROOg50R7CV6

Don’t let your hard-earned money slip away! 💸 It's surprising how many companies miss out on valuable tax credits each year. Be in the know with Source Advisors. #taxawareness #taxcredits #businessfinance #financialoversight #taxsavings https://bit.ly/4e1JRDx

Have you ever wondered if you really need to file your tax returns? Or worried about the messiness of your financial records? LuSundra Everett, EA, NTPIF shares some valuable insights: ✔️ Yes, you MUST file your tax returns every year, even if you can't pay the tax bill. ✔️ Filing on time saves you from the harsh failure to file penalty, which is far worse than the failure to pay penalty. ✔️ If you haven't filed in a while, don't panic! Assess the situation and prioritize based on severity. ✔️ Proactive filing gives you more options and control over your financial situation. ✔️ Remember, avoiding filing won't stop the government from pursuing what you owe. Take charge of your tax responsibilities to protect your business and financial well-being. Be proactive, not reactive! Watch the full interview: https://lnkd.in/eupMhSYY #SmallBusinessTips #TaxFiling #FinancialResponsibility #RVASmallBusinessShow #BusinessTaxes

🌟 Post-Election Financial Focus 🌟 Now that the election is behind us, let's talk about a hot topic making waves in our office and across the financial industry: the Tax Cuts and Jobs Act. Currently, the federal estate tax exemption is set at $13.99 million for individuals and $27.98 million for married couples filing jointly. However, this exemption is expected to be cut in half on December 31, 2025. What does that mean for you? You guessed it—higher taxes could be on the horizon. ✅ Are you taking the right steps to mitigate this? ✅ Is your financial strategy aligned with these upcoming changes? Let’s plan ahead together. Schedule a meeting with us today to create a plan that helps protect your future. 📩 #FinancialPlanning #EstatePlanning #yourfinancialadvisHER