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As we approach the end of the year, it’s the perfect time to reflect on the tax market and your career progression. Are you looking to advance your tax career? Wondering if you're being compensated fairly for your skills? How do you compare to your peers? Look no further than our Tax Salary Guide for the UK and Europe. At Pure, we’ve gathered up-to-date data and insights on tax salaries, compensation packages, and market trends to help you navigate the complexities of the industry. Whether you're new to tax or a seasoned professional, our comprehensive guide covers salary trends and bonuses, giving you the tools to benchmark your earnings and stay ahead in the field. Request your copy of our guide and make sure you’re on the right path toward a successful and well-compensated tax career: https://lnkd.in/eZ-4vAwG #TaxSalaryGuide #TaxCareers #CareerAdvancement

Do you own an S-Corporation? The year-end is approaching, and there is something you need to be aware of. Most people create S-corps because they can offer significant tax savings, specifically self-employment tax. However, according to the IRS, owners of an S-Corp are required to receive what the IRS deems a "reasonable salary." "Salary" does not simply mean writing a check to yourself or transferring money to your personal account. You need to file quarterly payroll forms and report & pay social security and medicare taxes. In order to fulfill this IRS requirement, you need to ensure you have this salary, if you haven't already done so. If you have questions about this (including what a "reasonable salary" may be), I strongly encourage you to speak with your tax professional. Sooner rather than later.

Happy Budget Day all! As a tax recruiter, I'm closely following the upcoming changes outlined in the budget statement. Anticipated adjustments include modifications in how carried interest is taxed, applying indirect taxes to private school fees, alterations in capital gains tax, NI contributions, and pension relief. If these changes impact your business or personal finances, or if you are seeking reassurance for your salary and package negotiations heading into 2025, please get in touch for confidential benchmarking. Additionally, check out our 2024 salary guide for broader trends: [Link to Salary Guide](https://lnkd.in/eugKmCTP) #BudgetDay #TaxUpdates #SalaryGuide #2025Outlook

What Job Seekers and Employees Need to Know about new tax landscape 📝 Advice for Job Applicants: Salary Negotiation: Be aware of the new tax brackets when negotiating your salary. Understand how your take-home pay will be affected by the new tax rates. Financial Planning: Plan your finances with the new tax structure in mind. Utilize tax-saving instruments and plan investments accordingly. Consider Benefits: When comparing job offers, consider the complete compensation package, including benefits and not just the salary. Some benefits might have tax implications or savings. Benefits of the New Tax Regime: Simplification: The new tax regime simplifies the tax structure, making it easier for individuals to understand their tax liabilities. Increased Disposable Income: For lower-income groups, reduced tax rates can lead to higher disposable income, promoting spending and saving. Encouragement for Mid-Income Groups: The middle-income groups (7-10 LPA) benefit from a relatively lower tax rate, encouraging more savings and investments. Disadvantages of the New Tax Regime: Higher Taxes for Higher Incomes: Individuals with higher income (above 15 LPA) will face a steep 30% tax rate, which might reduce their disposable income significantly. Lack of Deductions: The new tax regime might not allow for various deductions and exemptions that were available in the old regime, potentially leading to higher taxable income. Impact on Investments: With fewer tax-saving deductions, individuals might be less inclined to invest in certain tax-saving instruments, impacting their long-term financial planning. What are your thoughts? 💭 #budget2024 #newtaxregime #HRInsights #CareerAdvice #Employeebenefit #financialplanning #taxplanning #jobseekers

Looking for a smart way to save on taxes and give your family valuable work experience? 👨👩👧👦 Consider hiring your family members for legitimate business tasks. Here’s how it works: ✅ Shift income into a lower tax bracket: Pay your child for tasks like marketing or office organization to reduce your taxable income. ✅ Keep the money in the family: Instead of paying someone else, your family benefits directly. Key Tip: Follow IRS guidelines—document hours worked, pay fair wages, and ensure the tasks are legitimate. This strategy offers tax savings and life lessons for your family. Ready to put it into action? Let’s chat! #TaxPlanning #FamilyBusiness #SmallBusinessTips #GoodmanCPA

For many within tax it is appraisal season, and the most common questions I am being asked are: - what is my current market rate? - what should I ask for in my performance review? - what could I get if I move? Whether you are looking at an in-grade increase or going through promotion, our tax salary guide provides a breakdown of salary expectations across grades and disciplines. Regardless of whether you are planning to make a move, understanding your current rate and what you could achieve elsewhere is paramount. Take a look at our insights in our 2024 Tax Salary Guide: https://lnkd.in/epufmaqU For a more detailed discussion or personalised salary benchmarking please do not hesitate to contact myself, or one of the team: Practice - Stuart Feeley / Emma Harriet Cooper VAT - Rebecca McKerral BSc LLB CTA Financial Services - Holly Hatton Commerce & Industry - Oliver Baggs Interim - Tasha D. #taxmarket #salaryguides #knowyourvalue

With the release of our latest salary guide for Tax, it’s always interesting to reflect on how the market played out last year now that month one is done and dusted for 2024.    As we cover in our insights, last year’s market brought with it a healthy dose of realism after what was the blue sky market of the previous 2 years. Interest rates rose, employment rates fell and the degree of political and economic uncertainty eroded the already fragile confidence to really hamstring market movement around M&A. Always a difficult month to predict due to other priorities on the corporate agenda, but this January brought with it an increase in appetite for hiring when we compare against the end of last year, whether that be replacement and/or additional headcount. This said, it would be naïve to get carried away and project everything is looking up as we look forward. Yes, things have stabilised (for now) and there’s reportedly over $2.5 trillion in “dry powder” that’s been raised globally across the buy-side world which will need to be put to work, but with 64 countries going to the polls in 2024 and the fact we continue to be working our way through the “great correction” when it comes to our working patterns in the post-pandemic world, a lot can still happen!   Despite the slow-down we saw in the market, you will note from our guide that salary increases continued to outpace inflation across the tax world last year both in-house and the firms. As early signs suggest the demand for talent in tax is likely to remain relatively high this year, so too can we expect it to remain competitive from an attraction and retention point of view, putting further pressure not only on compensation but also flexible working arrangements. More insights on the tax market can be found in our 2024 Tax Salary Guide: https://lnkd.in/eqPChgTQ   For a more detailed discussion around the market please do not hesitate to contact myself or one of the team:   Tasha D. - Interim Holly Hatton - Financial Services Oliver Baggs - Commerce & Industry Thomas Fisher - Indirect Tax Joshua Wells Wells - Practice

𝗗𝗶𝗱 𝘆𝗼𝘂 𝗦𝘄𝗶𝘁𝗰𝗵𝗲𝗱 𝘆𝗼𝘂𝗿 𝗷𝗼𝗯 𝗿𝗲𝗰𝗲𝗻𝘁𝗹𝘆? 🚀 Don't miss out on these crucial tax-saving tips! In this video, we'll guide you through the essential steps to maximize your tax savings and ensure you keep more of your hard-earned money. From sharing salary from previous employer to declaring other sources of income, we've got you covered. Watch now and be tax-smart! If you like our content please like the video, share it to your friends & colleagues and please follow us! 🙏 Thank you! #JobSwitch #TaxSavings #Form16 #TaxTips #FinancialPlanning

How to Make a Salary of ₹9 Lakhs Tax-Free? 🤔 Hey everyone! 💼 Curious about how to make your salary of ₹9 lakhs tax-free? Check out my below short video where I shared quick tips on how to maximize your income while minimizing your tax burden. 💸 From key exemptions to smart deductions, this video is packed with valuable insights that can help you save more money legally and effectively. 🔗 Watch the short video below! Found the tips useful? Feel free to share, save this post and tag your connections whoever needs it. 😃 Please consider subscribing to my YouTube channel for more concise insights and comprehensive content designed to help you achieve your financial goals. Let’s grow together 👍🏼 🔗 https://lnkd.in/gE7N4-kd #taxsavings #taxreturn #tax #itrservices #itr #linkedin #linkedincommunity #charteredaccountant

💼 ✨ 𝗧𝘂𝗲𝘀𝗱𝗮𝘆 𝗧𝗶𝗽𝘀 & 𝗧𝗿𝗶𝗰𝗸𝘀: 𝗘𝗺𝗽𝗹𝗼𝘆𝗶𝗻𝗴 𝗬𝗼𝘂𝗿 𝗦𝗽𝗼𝘂𝘀𝗲 𝗼𝗿 𝗣𝗮𝗿𝘁𝗻𝗲𝗿? Here’s what you need to know for tax deductions! If your spouse or partner works in your business, you may be eligible to claim a tax deduction on their wages - 𝗯𝘂𝘁 𝗼𝗻𝗹𝘆 𝘄𝗶𝘁𝗵 𝗜𝗥𝗗 𝗽𝗿𝗲-𝗮𝗽𝗽𝗿𝗼𝘃𝗮𝗹 (for sole traders and partnerships). Here’s a quick guide: Approval is a must! Approval is needed before claiming any deductions if your business isn’t a company. This ensures deductions are valid and avoids issues with tax returns. Criteria for approval: ✅ 𝗣𝗮𝘆𝗺𝗲𝗻𝘁 𝗶𝘀 𝗼𝗻𝗹𝘆 𝗳𝗼𝗿 𝗯𝘂𝘀𝗶𝗻𝗲𝘀𝘀-𝗿𝗲𝗹𝗮𝘁𝗲𝗱 𝘀𝗲𝗿𝘃𝗶𝗰𝗲𝘀. ✅ 𝗪𝗮𝗴𝗲𝘀 𝗮𝗿𝗲 𝗳𝗮𝗶𝗿—𝗰𝗼𝗺𝗽𝗮𝗿𝗮𝗯𝗹𝗲 𝘁𝗼 𝘄𝗵𝗮𝘁 𝘆𝗼𝘂’𝗱 𝗽𝗮𝘆 𝗮 𝗻𝗼𝗻-𝗳𝗮𝗺𝗶𝗹𝘆 𝗲𝗺𝗽𝗹𝗼𝘆𝗲𝗲 𝗳𝗼𝗿 𝘀𝗶𝗺𝗶𝗹𝗮𝗿 𝘄𝗼𝗿𝗸. ✅ 𝗪𝗵𝗮𝘁 𝘁𝗼 𝗜𝗻𝗰𝗹𝘂𝗱𝗲 𝗶𝗻 𝗬𝗼𝘂𝗿 𝗔𝗽𝗽𝗹𝗶𝗰𝗮𝘁𝗶𝗼𝗻: 🔗 Type of business and detailed job description. 🔗 Average weekly hours and annual weeks worked. 🔗 Details on other employees and their wages. 🔗 How wages are paid 🔗 Amount of wages for your spouse or partner. 𝗖𝗵𝗮𝗻𝗴𝗲𝘀? 𝗥𝗲𝗮𝗽𝗽𝗹𝘆! If their duties or pay increases (beyond general wage increases), you’ll need to apply for approval again. 💼 Taking these steps ensures tax compliance and keeps things running smoothly. #TuesdayTips #SmallBusiness #TaxTime #FamilyBusiness