Nomisma – The Best Accounting Software for Income Tax Computation

Nomisma is a user -friendly, white-label, cloud-based accounting software in the UK which is widely used by small businesses, start-ups, freelancer, contractors and individuals to manage their accounting, financial and taxation related data. It is also a very useful software for income tax computation. Professionals of finance and accountancy departments find it very helpful because it can help to track, calculate, generate, forecast and pay income tax securely.

It is very unique software in the sense that it updates data uploaded from any device continuously throughout the financial year and reminders can be activated automatically via Nomisma's CRM module. It has a unique 'cash counting facility' for businesses and 'techno- facility' for CIS contractors. One of the striking features is it generates all types of reports at the press of a button. The Nomisma's integrated system is very efficient. You enter random data, and it can collect all the relevant information from it. Thus you can access and generates reports of all kinds. It is also attractive in terms of its price, capability, and usability.

Essential Functions of Nomisma

Customer Relationship Management (CRM): CRM can guide small business to deal with the change, monitoring and managing the business process they do not need to rely on any other CRM systems because Nomisma can give you the best features of small business accounting software. Nomisma solution is compliant with administrative processes, and it helps small businesses to cross all the barriers to go smooth.

Payroll: All businesses must pay their employees and manage payroll. There was a time when small business companies used to keep this on papers manually, but now when the business is growing and cannot manage by few employees, then you need such payroll accounting software like Nomisma.

Integrated Accounting Software: There are many accounting software that is available with lots of complex reports with a high price, but Nomisma is low-priced software that provides basic applications for accounting tasks. It provides a user-friendly interface, real-time updates moreover it provides support throughout the lifecycle of your business. In short, it is useful software for small business owners with bookkeeping facilities which includes journals, payroll, CRM and much more.

Cloud Based Software: The main benefit of cloud-based accounting software is upgrades and data backups which are managed by the software provider. It is cloud based accounting system so you can access it anytime, anywhere and on any device like a laptop, computer. Nomisma empowers the users with real-time updated financial information about their business, which is very useful while making important decisions.

Income Tax Computation: Nomisma's most prolific function is its assistance to the user with income tax calculation, filing income tax returns and payment of various types of taxes. It is especially useful in the case of accountancy firms which have to handle income tax related matters for a broad range of clients. Nomisma is fully compliant with the guidelines of HMRC and Companies House and is able to handle self-assessment filing by just a click of a button.

Unique features for Income Tax Computation in Nomisma

Nomisma can automatically update and calculate the income tax liabilities of a user and with its CRM module can send regular reminders regarding the same.

Nomisma provides all the key stakeholders with regular information as to how much tax is owed and to whom.

Nomisma's cloud accounting software for income tax calculation is integrated with the bank statements, invoicing section and all other relevant sections of the software. This enables it to accurately calculate various types of taxes including income tax for different kinds of businesses.

Along with the taxation alerts, Nomisma also provides regular notifications as to what type of tax is due and to which authority it has to be paid to.

Nomisma also enables the users to pay their income tax and other taxes from within the software

Reasons, why Nomisma is called a highly useful software for income tax computation, are-

Its bookkeeping and accounts productions are very detailed.

It is one of lowest priced comprehensive online accounting software. You can customize your package and pay for what you need.

This is perfect software to create invoices, track sales and expenses, fetch financial details and access your business information easily.

It is integrated with a user-friendly dashboard. With just a click you can create particulars of any module. You can connect bank account with it and categorize income expenses for tax reporting.

It is specially designed keeping in mind the need of today's business.

Designed to meet the highest standard specifications, Nomisma is the most useful software for income tax calculation. With a broad range of services that it offers to the clients, Nomisma has emerged as the best software for income tax computation in the UK.

All in one accounting with NomismaSolution . Manage payroll/auto enrollment, bookkeeping, self-assessment, income tax calculation and all the things in single accounting software. Nomisma is simple online accounting software used by freelancers, contractors, small business, startups to manage their finance and account.

What is the Utility Sales Tax

Running a business is hard work. It takes a lot of time and effort to keep your business running smoothly. It also takes a lot of money, both coming in and going out. One of the most confusing aspects of running a business is taxes. It can be difficult to determine exactly what taxes you need to pay, how often they need to be paid and to whom those payments are made. One example of this confusion is the utility sales tax exemption in Iowa. Depending on your business, you may be able to exempt part of your utility usage from sales tax. Let’s take a look at what this means.

When you turn on a light switch or faucet, you are charged a sales tax on your use of that utility. The more of a certain utility you use, the more you are expected to pay in sales tax. The amount of tax you are paying can typically be found on your bill or statement for the month. Larger businesses could be paying a significant amount of this tax each month.

Depending on your business, you may actually be exempt from paying utility sales tax on a percentage of your utility use. While it varies from state to state, the general rule is that if the utility is being used for manufacturing or processing, then it is exempt from the utility sales tax. In states like Iowa, this also applies to food processing and cooking, which means that restaurants can benefit as well. Once you have determined that you are eligible, there are several things that you need to know in order to take advantage of the non-taxable portion of your utility use. -After confirming your eligibility, the next step is to determine how much of your utility use is dedicated to manufacturing or processing. If you are unsure, it may be best to bring in outside help to make sure that you get accurate numbers. For restaurants, anything that is used to actually make the food – water and heat (through gas or electricity) – should be included. -Next you will want to consult a tax professional. Once you know the percentage of your utilities that are used in manufacturing, you should sit down with a tax professional to go over what is needed to submit to the state or local government. He will be able to guide you through the process and verify whether or not there is additional information that you need to provide. -Once you have confirmed that everything is in order, you will need to file the paperwork for the exemption. This paperwork may be filed with your utility provider, your local or state government, or both. The tax professional will be able to help you make sure that you file it correctly.

Once you have completed the process, you will be able to save a significant amount of money on sales tax. Larger manufacturing plants can use significant amounts of utilities each day to create products. As a business owner, it is in your best interest to do the research and figure out exactly what percentage of your utilities are going into manufacturing and processing. Once you are armed with this information, you may be able to reduce your utility bill each month. The less money you need to spend, the more you can invest into your company to grow and expand even further. So if you are not taking advantage of the utility sales tax exemption in Iowa, you need to get the process started today so that you can improve your bottom line.

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Recent Changes in Rules Relating to the Capital Gains Tax in India

The capital gains tax rate has recently increased from 15% to 20%. Now it combines with the new Health Care Act Investment Tax of 3.8%, which makes the overall rate increase to 23.8%.

If someone intends to sell out his or her stock this year, he or she will have to pay further 8.8% tax on it compared to those who have completed a transaction in the last year.

Now there is certainty about the amount to be paid in taxes. It should be known that the tax rates will not change in the future.

You can calculate it yourself: Now you can do the calculation of your tax to be paid yourself. The capital gains will be taxed at 23.8%. A notable feature in the increased capital gain rate is that now, the leftover capital loss accumulated carryovers are now worth more. It means that capital losses and capital loss carryovers will now trigger a transaction.

Capital gains tax is now exempted to foreign banks converting into subsidiaries:

The government has exempted the foreign banks from paying capital gains tax when their branches are converted into wholly owned subsidiaries in India. This had been a remarkable favor towards the foreign banks done by the Government of India.

The new changes tend to help the companies running in loss:

The changes in the capital gains tax rules regarding the decrease or cancellation of debt aims to provide tangible tax relief to companies in financial crisis.

The change in the taxation laws reduces the capital gains tax liability initiated by the cancellation or the reduction of debt.

Previously the reduction or cancellation would have initiated an immediate capital gains tax, but the recent changes have given the opportunity to lower down the cost of an asset on which capital gains tax are going to be levied.

There are many instances where the tax burden had been decreased.

The amendment in TDS provisions as proposed by the Budget 2012-13:

In Budget 2012 some minute changes has been made in the rates of Tex Deducted at Source (TDS) and cut off amounts. But at the same time some new items have also been introduced on which TDS is required to be deducted.

Section 194LC has been introduced in the Income Tax Act. It is a new section in the Income-tax Act w.e.f. 1-7-2012. It deals with the deduction of tax at the concessional rate of 5% along with surcharge on interest paid to a non-resident, other than a foreign company. This interest relates to any sum borrowed by any Indian company from the nonresident on or after 1-7-2012 but prior to 1-7-2015 in foreign currency from a source outside India. This borrowing requires being under a loan agreement or through an issue of long-term infrastructure bonds approved by the Central Government. Moreover the rate of interest should not be more than that approved by the Government of India norms.

ITR Today is growing as a leading website to provide updates on filing taxes online, income tax forms and service tax forums. Get your tax related queries answered by our income tax consultants.

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Reducing Your Tax Liability for Independent Consultants

As an independent consultant, you’re in business for yourself, and therefore have all the increased tax burdens that come with being a business owner. Fortunately, there are strategies that can help reduce your tax liability.

The biggest tax burden associated with being a business owner is the self-employment tax, which is basically the portion of social security and Medicare tax that would be paid by an employer if you were working for someone else. Since you are self-employed, you are responsible for payment of both the employee and the employer portion of social security and Medicare taxes, which is currently equal to an additional 15.3% of your earnings.

Choose a legal structure that makes sense for your business. There are several legal structures to choose from, and it’s advisable to speak with an attorney to determine which structure makes the most sense for you. While some structures will leave you subject to paying self-employment taxes, other structures could be subject to something called, "double taxation," in which the corporate entity is taxed on earnings, and then wages paid to employees, including yourself, are taxed again on a personal tax return. Speak with a professional to determine which type of business structure will allow you to maximize your take-home earnings.

Working with an employer of record could help to reduce your tax liability. A portable employer of record can serve as a corporate infrastructure for independent consultants, and eliminate both the need to set up a formal business entity and reduce self employment tax liability. When working through a portable W-2 employer of record, you still have to pay for employer side taxes just as you would if you were on your own, however this business structure option can greatly reduce your tax liability on retirement contributions and other benefits programs.

Maximize your itemized deductions to reduce your taxable income. Reducing your total taxable income by taking credit for every deduction for which you’re eligible will reduce your total tax liability. Many individuals fail to take deductions for any out-of-pocket medical expenses that they incur. This can mean medical premiums, co-payments, over-the-counter medications, and even procedures and tests not covered by insurance.

If you’re in business for yourself (as a sole proprietor, LLC or S Corp), your out-of-pocket expenses will have to be equal to or greater than 7.5% of your adjusted gross income before you would be eligible to take these deductions. A consultant earning $80,000 per year could probably easily meet this threshold, which would equal about $6,000. On the other hand, a consultant earning $200,000 per year would have to have a significant amount of out-of-pocket medical expenses in order to be eligible for this deduction, approximately $15,000.

Working with an employer of record might allow you to deduct all of your out-of-pocket medical expenses up to a given limit, without the need to qualify by meeting a threshold. Not all employer of record companies operate the same – some are geared toward independent consultants and some are not -- so complete your research before signing on to see what strategies they can offer you to help reduce your taxable income.

It’s also possible to take deductions for the cost of dependent care, which includes both child care and elder care. The amount of these deductions that can be taken is limited, typically up to $5,000 per year. If you’re working with an employer of record organization that offers an expense reimbursement program, sometimes this limit can be higher, even up to $10,000 annually. Most people are aware that childcare costs can be deducted, but not many realize that elder care is included in the dependent care category. If you’ve got a parent in a personal care home, assisted living facility, nursing home or even an adult daycare setting, you can easily rack up $5,000 to $10,000 a year in expenses.

Don’t forget about your miscellaneous deductions. Items such as professional organization dues, certain education expenses, professional books and trade magazines, home office expenses, work clothes and uniforms, mileage, business travel, lodging, and 50% of business meals are tax deductible, some of which are deductible only if the total exceeds 2% of your adjusted gross income. Working with an accountant can help you make sense of all the various deductions, and help you reduce your total tax liability by advising you how to keep track of your deductions. Also, some employer of record organizations even offer a simplified process of keeping track of and taking business deductions, so be sure to ask about business expenses when investigating this option.

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Robert S. Kerr What Goes Around Comes Around

Robert S. Kerr: What Goes Around Comes Around

Written by: Joshua D. Mosshart, Certified Estate Advisor

Oil man and politician Robert S. Kerr was born in a log cabin on September 11, 1896 in what is now Ada, Oklahoma. He first held elective office when he became Oklahoma's governor in 1942. During World War II, he presided over a vigorous economic expansion and directed a remarkably efficient state administration. One year after leaving the governor's office, in 1948, Kerr was successful in his first attempt at the U.S. Senate. He was reelected to two more terms. Often considered one of the finest orators that Oklahoma ever produced or that the Senate ever heard, Kerr gave the keynote address at the 1944 Democratic National Convention that nearly won him the second slot on President Roosevelt's ticket. Kerr thereafter devoted his energies to building his Senate career. He served on several key committees, most notably the Finance and Public Works committees. A partner in Kerr-McGee Oil & Gas Corp, Kerr increasingly became known as a key champion of southwestern oil and gas interests. Of course, he did not hesitate to use his influence for Oklahoma's behalf. Millions of dollars were diverted to military and civilian projects in the state. But most importantly, he supported tax legislation that empowered Congress to confiscate up to 55% of a person's assets in estate taxes.

In 1978, Senator Kerr died unexpectedly. At the time, his estate was worth approximately $20 million. Unfortunately, Kerr passed away without the most basic estate-planning tool--a living trust. As a result, his heirs had to deal with many difficult problems as well as make a number of difficult decisions. But nothing as monstrous as the federal estate-tax bill he helped create in a number of ways. The IRS wanted $9 million, and they wanted it in cash--in nine months! I guess you could say that what goes around comes around and that the Senator got his just due, considering he helped formulate the federal estate-tax rules. Kerr's heirs faced a problem common to many inheritors: how to find the necessary cash to pay the IRS in such a short time frame. Luckily, they were able to raise $3 million in cash without much difficulty. The problem was that the rest of Kerr's estate was tied up in real estate, which was not liquid. Since the family would be forced to liquidate the properties, they faced the high probability that they would have to sell at highly sacrificial prices. After much debating the family decided to take out a $6 million loan. This only served as a temporary Band-Aid, since not only did the loan have to be repaid with after-tax dollars, but the family also had to pay a substantial amount of interest. What could have been done differently?

If Sen. Kerr were alive today he could have taken advantage of several estate planning techniques that would have saved his heirs from having to mortgage the estate. As an example, he could have set up a Family Limited Partnership or FLP to hold the real estate. That could have created a discount on the value of the real estate at his death. But, more importantly, he could have gifted or sold shares of the FLP to his heirs at a relatively deep discount from fair market value, moving the assets out of his estate prior to his death and freezing the growth of his estate by moving some of the appreciating assets into the estates of his heirs. This is an important tool in modern estate planning when family businesses or commercial real estate is involved.

Furthermore, Kerr could have taken advantage of the tax laws to make annual cash gifts to his heirs. Currently, that amount is $12,000 per person. Supposing the senator had four children; he could have gifted $48,000 per year into a trust for the benefit of his children. Over the course of 10 years, he would have transferred $480,000 to his heirs out of his taxable estate, reducing his estate tax. In addition, if the $48,000 per year had been properly invested, it could have created enough wealth to cover all the estate-tax liability.

Joshua D. Mosshart CHFC,CASL, CEA Chartered Financial Consultant, Chartered Advisor for Senior Living, Certified Estate Advisor, President Mosshart Wealth Management Group, www.Mosshartwealthmanagement.com Joshua D. Mosshart is principle and a registered representative with and offering securities and financial planning through Linsco/Private Ledger (LPL) Member FINRA/SIPC. California Insurance # 0C90229

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Service Tax on Ocean Freight- Law And Impact

Introduction

Deletions from Section 66D ("Negative list") has become an annual exercise as part of the Finance Bill. This year, three services were removed from the Negative list. Amongst such deletions is the service of transportation of goods from outside India to first customs station in India. The article discusses the law relating to levy of Service Tax on such services post 1.6.2016 and implications thereof on various transactions.

Levy of Service Tax on transportation of goods prior to 01.6.2016

Service of transportation of goods from India to outside India and vice versa was nontaxable prior to 01.06.2016. The non-levy was because of Rule 10 of Place of Provision of Services Rules, 2012 read with Clause (p)(ii) of Negative list. In brief Rule 10 of Place of Provision of Services Rules, 2012 provides that place of provision of a service of transportation of goods is the place of destination of goods, except in the case of services provided by a Goods Transportation Agency in respect of transportation of goods by road, in which case the place of provision is the location of the person liable to pay tax (as determined in terms of rule 2(1)(d) of Service Tax Rules, 1994 (since amended). For eg. A consignment of computers is consigned from Mumbai to Shanghai. The place of provision of goods transportation service will be the destination of goods viz., Shanghai. Since the destination is outside taxable territory, such services of transportation is not liable to service tax. Conversely, if a consignment of machines is consigned from Berlin to New Delhi, the place of provision of such service will be New Delhi.

Thus, service of transportation to destination outside taxable territory is a non taxable service and conversely, service of transportation to destination in taxable territory is taxable and Service Tax shall be levied accordingly. However, while as per Place of Provision of Services Rules, 2012, such service of transportation of imports into taxable territory was taxable, such services were listed in negative list. Accordingly, even transportation of goods in case of imports also good out of the purview of Service Tax. Accordingly, no Service Tax could be levied on Ocean freight and air freight paid for import of goods prior to 01.6.2016.

Levy of Customs Duty on services of transportation in case of imports

Primary reason of inclusion of such transportation in negative list was that since such value of ocean freight is already included in the value for the purpose of levy of Customs Duty thus, levying Service Tax would be levy of two taxes on same value. Section 14of Customs Duty Act, provides that for the purposes of the Customs Tariff Act, 1975 (51 of 1975), the value of the imported goods and export goods shall be the transaction value of such goods, that is to say, the price actually paid or payable for the goods when sold for export to India for delivery at the time and place of importation, where the buyer and seller of the goods are not related and price is the sole consideration for the sale. The Section further provides that such transaction value in the case of imported goods shall include, in addition to the price as aforesaid, any amount paid or payable for costs and services, including commissions and brokerage, engineering, design work, royalties and licence fees, costs of transportation to the place of importation, insurance, loading, unloading and handling charges to the extent and in the manner specified in the rules made in this behalf. Accordingly, Rule 10 of Customs Valuation (Determination of Value of Imported Goods) Rules, 2007 provides that in determining the transaction value, there shall be added to the price actually paid or payable for the imported goods

Service Tax on Ocean Freight - Law and impact is written by CA Gaurav Gupta.Though the levy has lead to a situation of double taxation, still, compliance under Service Tax is required and should not be left under the belief that Customs duty is levied on such value.

Signature Tax plus Perfect Tax Resolutions to Defend Legal Prosecution

Usually the tax amount is calculated as a percentage of your earned monthly income. Your tax claims are deducted from your monthly income which you are liable to pay to the IRS department. Tax payers try to attempt fraud with the IRS department by falsifications of their earned income to avoid taxes. Falsification of misrepresentation of the earned income is against the law and constitutes tax fraud. If an individual is charged with fraud tax and owes more than $100,000 to the IRS, then IRS applies different ways to collect tax. Most common of them are, freezing of bank accounts, imposing property liens, seizing or selling of your personal assets and wage garnishment. Wage garnishment is a legal way to collect tax debt directly from the debtor’s paycheck to ensure the payment of tax claims. Garnishment of wages of an individual is a last-ditch effort of debt collection and is initiated by a court order which allows the IRS to take personnel earnings to pay the debt. If you are tax defaulter then it is necessary for you to consult a tax attorney capable enough to withstand the controversies raised against the allegations of the debtor. Signature Tax Plus will safeguard you and your personal assets, and represent you during all the legal procedure.

Tax fraud is investigated by the Internal Revenue Service Criminal Investigation (CI) unit which appoints Revenue officers to collect unpaid tax revenue from the debtor’s. The RO has the right to take away all the stockpile of all your personal belongings like your home, cars, household stuff and may also hold on your life assets including your savings, current account, investments and much more.

Signature tax Services offered by our expert tax attorney will protect you and represent your case on your behalf in the court. Signature Tax Plus attorneys specialize in handling with the IRS controversies, without your personal involvement resolve your liabilities towards tax department. The Signtax services help you to make necessary amendments and accurate preparation of returns which will minimize the risk enforced collection of your personal assets and defend you criminal prosecution by IRS. The Signature tax services help clients to navigate through the legal process and negotiate with IRS department and settle your tax claims. If case you are not able to pay the negotiated tax amount or settlement at one time than we will set an affordable payment plan for you to pay unpaid tax amount.

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Signature Tax Scam Legal Help to Reduce Tax Obligation

Tax evasion materializes when an individual or business precisely and deliberately misrepresent the income and profit by reporting less than actually earned, in order to limit the amount of tax obligation. The skillful tactics used in tax fraud generally include falsification of the earned income to avoid taxes. Individual and business owners both can be found guilty of tax evasion, individuals earning in cash does not report the exact amount to the IRS department and businesses purposely report fewer sales in order to misguide the IRS. The tax defaulter can be found guilty of a summary offense and liable to pay heavy penalties and sometimes judge may also sentence the offender with maximum 2 years of imprisonment. If IRS has charged you or is threatening to charge you with tax evasion, then it is important for you consult a tax lawyer capable enough to stand beside you during this stressful time. Signature Tax Scam is a renowned Tax Scam Resolution company providing Signature Tax Scam Resolution Services to various individuals and business owners.

By hiring the professional Signature Tax Scams Resolution services, you will be defended from facing the criminal prosecution and heavy penalties. Most of the people cheat State Revenues Department by misrepresentation of earned income. If an individual or business are caught cheating by an auditor, they can levy upon civil fines and penalties or, worse, can refer your case to the IRS's criminal investigation division. While investigating your case IRS may demand a taxpayer to pay back his tax returns along with heavy penalties higher than the expected amount you can afford. The taxpayers may not be aware about the rights of the IRS; Signature Tax Scam experts will help you to understand your rights related to your tax claims.

Signature Tax Scam can help you with filing back tax returns. We provide you with expert and legal guidance of tax professionals to help you on the preparation of tax returns with minimum risk of audit, enforced collections of tax claims and also protect you from facing criminal charges by IRS. Our team of proficient Tax experts will help to make the preparation of tax return in order to avoid tax scams at Signtax. You need services of a proficient tax attorney to negotiate with the IRS and state revenue departments which may require a large bundle of documents, forms and financial records to resolve your tax claims. Our tax attorneys specialize in handling the IRS controversies, and help you to navigate through the legal process and resolve your claims incurred by IRS department.

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Signature Tax Service Professional Help to Resolve Tax Claims

As a consumer, you consume many products and services, on which you have to pay a fee or are levied with charges by Government in form of "Tax". Majority of taxpayers usually fail to file tax returns, due to insufficient funds to settle down the balance on the tax return. Some people may fail to file the returns in the first attempt and may delay with the payments which may result in huge penalties and claims form the IRS department. Many business owners commit innocent mistakes like inaccurate tax calculations by untrained staff, unawareness towards the constant changing laws, which confronts them with heavy financial losses. Dealing with a tax problem on your own, is not a good idea. If you are facing a tax issue you need to hire professional help of a Tax resolution firm which can provide you with expertise Tax Service to resolve Tax problems.

Signature Tax Services US is one of renowned tax resolution firm, comprised with professional Tax Attorneys efficient enough to handle the claims and concerns of IRS department. Tax experts have the authority to demand a client’s record from the IRS and help you to rebuild your tax information and records. In order to settle down your claims with IRS you need accurate, honest and acceptable tax returns which may save you from incurring heavy financial losses. Our skilled and licensed tax consultants offer tax services to resolve Tax problems even in the outmost emergency circumstances. You need Signature Tax Service of a proficient tax attorney to negotiate with the IRS and state revenue departments which may require a large bundle of documents, forms and financial records to resolve your tax claims. The team of our tax attorneys specializes in handling the IRS controversies, and helps you to navigate through the process and resolve your claims incurred by IRS department.

The IRS and state Revenue Department can be demanding when asking a taxpayer to pay his liabilities to the organization. The IRS may demand full payment of your back taxes along with penalties which may be higher than the expected amount, one may not afford. The IRS Department has limited rights, Signature Tax service by tax attorneys will guide you to understand your rights related to the tax issues. We can help you with filing back your tax returns. The expert legal and tax professionals can help you in accurate preparation of returns which will minimize the risk of audit, enforced collection of tax claims and defend you criminal prosecution by IRS.

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