SandMartin Blogs
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11 Mar 2024Dear Clients, We are pleased to provide you with a comprehensive summary of the key updates from the UK Spring Budget 2024. This summary aims to simplify complex tax changes and ensure you are well-informed about how these updates may impact you or your business. Personal Tax Updates 1. National Insurance Contributions (NICs): 2. Tax …
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12 Feb 2024As we enter the annual tax filing season, I’m thrilled to highlight some important changes for the 2023 tax year compared to previous years: Looking ahead to 2024, keep in mind that the annual gift tax exclusion will be $18,000 per donee and $185,000 for gifts to non-US citizen spouses. Furthermore, for estate and gift …
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12 Feb 2024
In the US, the tax year spans from January 1st to December 31st. Individuals subject to US tax laws must stay mindful of crucial filing deadlines throughout the tax period, regardless of their location globally. Here are some important dates for the 2023 US tax year: January 16, 2024: Deadline for paying the last installment …
Continue reading “2024 US deadlines to consider for 2023 US tax year”
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06 Dec 2023In the fast-paced world of tax preparation, Certified Public Accountant (CPA) firms grapple with a myriad of challenges that can significantly impact their efficiency and effectiveness during the critical tax season. From the perpetual battle against tight deadlines and an avalanche of workload to the constant evolution of regulatory frameworks, CPAs find themselves navigating a …
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06 Dec 2023As we step into the new tax year, CPAs in the United States must prepare for a series of changes that could significantly impact their clients’ financial landscape. The recently enacted Inflation Reduction Act has ushered in adjustments across various tax parameters, making it crucial for CPAs to stay informed and make informed decisions about …
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28 Jun 2023When venturing into the realm of outsourcing payroll services, the paramount importance of safeguarding sensitive data assumes a position of great significance. Entrusting confidential employee information and intricate financial records to a third party requires a meticulous and discerning evaluation of potential partners. In this enlightening discourse, we will unveil seven essential criteria that shed …
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21 Jun 2023In today’s rapidly evolving digital landscape, it has become imperative for businesses, irrespective of their size, to keep pace with technological advancements. This holds particularly true for the field of accounting, where accuracy, efficiency, and timeliness are paramount. Embracing and staying updated with accounting software and technology advancements can significantly enhance productivity, streamline processes, and …
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18 May 2023Outsourcing has become an increasingly popular tool for businesses worldwide, including Accountancy Firms. With increasing work volumes, skilled staffing issues, and cost pressures, more firms are turning to outsourced help to Experts Resources, elevated quality, enhance efficiency, minimize operating costs, and boost profits. However, not all firms find success with their outsourcing arrangements, often due …
Continue reading “Plunge Into Success with the FTE Model of Outsourcing”
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10 May 2023Running an accounting practice is no small feat. As a business owner, you are responsible for ensuring that your clients’ finances are in order while simultaneously managing your internal operations and staff. As the business grows, so do the demands on your time and resources, leaving you with little room for error or inefficiencies. Running …
Continue reading “Maximizing Your Accounting Practice; Unleashing the Power of Co-Sourcing”
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26 Jul 2022Who all will be impacted? – Employees – Self-employed people who have a National Insurance Contributions (NICs) liability. – Employers Impacted Areas: Earlier National Insurance contributions for working-age employees, self-employed people, and employers was increased by 1.25% and most employees were paying 12% in 2021-22 are paying now 13.25% in 2022-23 applicable from 6th April 2022. Employer contribution has risen …
Continue reading “HMRC new guidelines on National Insurance Changes”