6 Toros 6 http://6toros6.com/ Sat, 25 Sep 2021 07:46:33 +0000 en-US hourly 1 https://wordpress.org/?v=5.8 https://6toros6.com/wp-content/uploads/2021/05/cropped-icon-32x32.png 6 Toros 6 http://6toros6.com/ 32 32 Why Interest on Bank Deposits of Some Seniors Should Be Tax Free https://6toros6.com/why-interest-on-bank-deposits-of-some-seniors-should-be-tax-free/ https://6toros6.com/why-interest-on-bank-deposits-of-some-seniors-should-be-tax-free/#respond Sat, 25 Sep 2021 07:46:33 +0000 https://6toros6.com/why-interest-on-bank-deposits-of-some-seniors-should-be-tax-free/

Real interest rates have turned negative in India (meaning the interest rate is lower than inflation), as happened in the United States and Europe a few years ago. This has created a lot of problems for savers, especially the elderly, many of whom have kept most of their money safe with banks. If they have no other income, they would permanently struggle to cope with the double impact of low interest income and rising inflation, eroding their savings.

Economists call it financial repression. The financial crackdown is here to stay because large sections of the population – mortgage borrowers, banks, businessmen, investors in risky assets like stocks and real estate – all have a vested interest in staying weak because they all benefit.

However, it is the savings with the banks which is an important fuel for the economy. By depriving savers of a fair interest income which we wish to build the prosperity for borrowers and investors alike, it is only right that such benefits of financial repression be shared with depositors who are cheated with debts. negative interest rates.

One way to do this is to give tax relief on interest earned, especially by older people who have no other income or insignificant income.

In the total term deposits of the banking sector, the contribution of 40 million and more of the elderly, who remain very dependent on accrued interest income to cover most of their fixed expenditure needs, hovers around 20%. Although some banks are offering an incremental rate of 25 to 50 basis points (bps) to this vulnerable class, the pressure to keep deposit rates low to accommodate loan pricing is reducing their yield.

Many bankers agree that there is a need to rethink and exempt seniors from tax on interest earned on deposits. Not all of the country’s seniors are retired civil servants receiving a large pension. What these retirees have is money paid in taxes, saved and then deposited into banks and government plans. The majority of these seniors depend entirely on the interest income earned from these savings and deposits. If the lower returns are not enough, they are required to pay income tax on the interest earned. This not only leaves them high and dry, but sometimes even their deposit capital erodes.

Dr Anil Khandelwal, former chairman of the Bank of Baroda (BoB), agrees that seniors should be exempt from income tax on interest on their deposits. He said, “I find this proposition absolutely correct. With the attractiveness of bank deposits declining in an inflationary scenario, funds are being diverted to many risky corporate bonds and stock markets. The elderly are the worst victims, who are persuaded to divert their funds into risky investment avenues.

Earlier in April this year, the State Bank of India (SBI), in a report, suggested that the Union government seek to provide full tax exemption on the Seniors Savings Scheme (SCSS) and help the elderly to build up some sort of social security. . “The February 2020 outstanding under SCSS was Rs73,725 crore.

If the amount receives a full tax refund or up to a certain threshold, it will have minimal impact on the treasury, ”the report said.

Delhi-based Right to Information (RTI) activist Subhash Chandra Agrawal believes that even the interest charged by special schemes for the elderly, including the Savings Scheme for the Elderly (SCSS) and the Prime Minister Vay Vandana Yojna and RBI bonds should also be tax exempt.

“The Union government should also introduce a unified savings scheme for seniors available in all bank branches merging the existing SCSS and Prime Minister Vay Vandana Yojna with a combined maximum investment limit of Rs50 lakh,” said he declared.

Earlier this week, in a report, the SBI pointed out that the real rate of return on bank deposits has been negative for quite a long time. “We believe that now is the time to review the taxation of interest on bank deposits, or at least increase the exemption threshold for the elderly,” he said, adding that “The Reserve Bank of India ( RBI) can also give a makeover to regulations that do not allow bank interest rates to be determined based on age demographics. ”

Further, although there are no restrictions by the RBI on benchmarking loans against the previous marginal cost of the funds-based lending rate (MCLR) and banks are free to use n Any benchmark published by Financial Benchmarks India Pvt Ltd (FBIL), the continued restrictions on not allowing a negative spread on MCLR may also be removed.

G Jaganmohan Rao, former Managing Director (MD) of Bank Note Paper Mill India Pvt Ltd, points out that the deposit tax ruling is a tax ruling. “What the RBI may suggest is that due to the declining negative interest rate on household savings, citizens are investing in financial assets, real estate companies, gold, some of which are not. are not included in household savings category. Bank deposits are the last bastion to hold your savings due to RBI and Deposit Insurance & Credit Guarantee Corporation (DICGC) regulations at least so far. ”

“In the absence of a credible social security system like in the United States, Europe, the elderly or retirees in India have to fend for themselves, including health insurance, which is prohibitive for the elderly because insurance companies almost exclude them from coverage. Negative interest in such people is, in fact, like a head tax for living beyond an age. The government should either remove the income tax on deposit interest for them or offer them positive inflation-adjusted rates by instructing the RBI and the banks, ”said Mr. Rao, who was also a director. Principal General (PCGM) within the banking supervision department of RBI.

According to Dr Nita Mukherjee, a retired development banker, the low interest rate regime has taken its toll on people’s retirement planning. “Even government pensions, as well as the cost allowance (DA) that government employees receive, are regularly revised upwards. They are also not affected by escalating medical expenses because their health care system government (CGHS) is almost free. why the bureaucracy is so insensitive to real demands for interest rate protection for non-government officials as well as the lack of withholding tax (TDS) on bank deposits and plans for the elderly. ”

“We as seniors are the most affected. Because of (TDS) we have less spending money, and the long wait for tax refunds makes life even more difficult. Compliant taxpayers like us don’t make false statements 3pm, so we have to claim the tax refunds, ”she added.

According to the SBI, around 44% of bank deposits in the banking sector, with a little tolerance on both sides for the big banks, constitute a current account savings account (CASA), with current accounts representing around one fifth of this compartment.

SBI estimates the total number of depositors in the banking system at around 207 crore, the number of creditors is at 27 crore. All bank deposits at Rs151 lakh crore constitute Rs102 lakh crore of retail deposits including senior citizens.

“Obviously, the real rate of return on bank deposits has been negative for quite a long time, and the RBI having made it clear that supporting growth is the primary objective, the low rate of return is unlikely to be. bank interest is making a move north anytime soon. liquidity continues to be plentiful, “the report adds.Read: Excess liquidity and pricing of credit risk. Are we doing enough, asks SBI)

Earlier this month, the Central Commission on Direct Taxes (CBDT) notified a new rule that requires people over the age of 75 to submit Form 12BBA to claim the benefit of not filing a tax return ( ITR) under section 194P.

Under section 194P, the TDS is only deductible for people over 75 years of age. These seniors must submit an income tax return in the form 12BBA to the specified bank as notified by the Union government. The statement contains information such as total income, details of deductions under section 80C to section 80U, reimbursement available under section 87A and a statement confirming receipt of income only from the pension. and interest. (Read: People over 75 must submit Form 12BBA to be exempt from filing RTI)

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News in brief https://6toros6.com/news-in-brief/ https://6toros6.com/news-in-brief/#respond Sat, 25 Sep 2021 06:50:12 +0000 https://6toros6.com/news-in-brief/

Flyers exceed one million so far at LR airport

More than one million passengers have passed through Bill and Hillary Clinton / Adams Field National Airport in Little Rock during the eight months of 2021, as air travel continues to recover from pandemic lows.

Until August, Clinton National had 1,082,412 passengers, a level it never reached in 2020, at the height of the coronavirus pandemic.

The 2021 total is 62.7% higher than the 641,321 passengers who passed through the airport during the same period last year.

And August’s total – 157,914 – is 99.19 percent higher than the 79,278 passengers Clinton National had in the same month in 2020.

The numbers remain well below pre-pandemic levels.

In 2019, Clinton National had its 1 millionth passenger two months earlier, in June. And the August 2019 total was 191,559, up 21.3 percent from last month’s total.

Northwest Arkansas National Airport at Highfill also continues to see passenger numbers increase. The 705,322 passengers who transited in the first eight months of 2021 were 41.8% higher than the same period last year. And last month’s total – 113,539 – was 122.14% higher than the same month in 2020.

– Christmas Oman

United fined $ 1.9 million for long stays on tarmac

WASHINGTON – United Airlines has been fined $ 1.9 million for 25 flights in which the plane was on the ground for several hours, the largest fine imposed by the government for such long delays.

The Department of Transportation said on Friday that the incidents occurred between December 2015 and February this year. More than 3,200 passengers were trapped in planes without being able to disembark, the department said.

In a consent order, United said most of the delays involved hijackings caused by extreme weather conditions, when the airline is focused on ensuring planes land safely. The airline said these were a small number of the nearly 8 million operated by United and its United Express subsidiaries during the five-year period of the violations.

United was ordered to pay $ 950,000. The airline received a credit of $ 750,000 for compensation for passengers on delayed flights and $ 200,000 for the cost of developing a tool to improve the management of hijacked flights.

Federal rules require airlines to give passengers the option of returning to the terminal if a plane on a domestic flight stays on the ground for three hours – four hours for international flights. Exceptions include safety, security or air traffic control issues.

– The Associated Press

The index rises by 2.94, closes the day at 691.52

The Arkansas Index, a price-weighted index that tracks the state’s largest public companies, closed Friday at 691.52, up 2.94.

The index was developed by Bloomberg News and the Democrat-Gazette with a base value of 100 as of December 30, 1997.

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Should I trigger capital gains tax now – or wait until I’m gone? https://6toros6.com/should-i-trigger-capital-gains-tax-now-or-wait-until-im-gone/ https://6toros6.com/should-i-trigger-capital-gains-tax-now-or-wait-until-im-gone/#respond Fri, 24 Sep 2021 22:00:00 +0000 https://6toros6.com/should-i-trigger-capital-gains-tax-now-or-wait-until-im-gone/

My wife and I are in the early 1970s and have significant unrealized capital gains in our joint investment account. Is it advisable for us to cash in our winnings now and pay tax, or should we wait until we both die, when others will? The purpose of the sale now would be to minimize the significant amount that the Canada Revenue Agency will demand from the executor of our estate. We would then reinvest the net proceeds in similar dividend paying stocks to continue to fund our retirement lifestyle. We could repeat this exercise in 20 years if luck is still on our side.

I can understand why you might see some interest in triggering capital gains now instead of waiting for you to go. Even though only half of capital gains are currently included in income, your estate could end up paying a large chunk of tax at your highest marginal rate if all of your accrued gains end up on your return at the same time. final income.

However, in most cases it is always better to wait.

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“That’s a classic question,” said Jamie Golombek, head of tax and estate planning at CIBC Private Wealth, in an email.

“The short answer is that it rarely makes sense, for tax reasons alone, to crystallize capital gains and voluntarily pay taxes today, rather than paying them later – especially if your intention is simply to redeem. the same actions. “

There are several reasons why the wait might be more beneficial. A key consideration is that, depending on how long you and your spouse live, it could be decades before the earnings in your portfolio are taxed.

When a person dies, the “deemed disposition” rules in the Income Tax Act treat the person’s property as if it had been sold and the capital gains realized. However, couples benefit from a break in this regard: if the shares are bequeathed to a surviving spouse or partner, the latter can become the owner of the assets at their original cost base, which defers the capital gain until the end of the period. ” on the death of the spouse or sells the shares.

“So unless you need the capital from the sale of the stocks to fund your retirement lifestyle (rather than living off the dividend income from those stocks), defer realizing the capital gains for that long. as possible may make sense – assuming you are comfortable with the stock selection itself, ”Mr. Golombek said.

It is also important to consider the potential reduction in government benefits if you were to realize capital gains, which would increase your income during your lifetime.

“You really need to compare your effective marginal tax rate today to the expected rate in the year of death, bearing in mind that if you realize capital gains in a particular tax year, it may result in loss of income-tested benefits. – like Old Age Security, Guaranteed Income Supplement or the Age Amount Credit – during those years, which could result in a higher effective marginal tax rate, ”Mr. Golombek.

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Another important consideration is that if you trigger capital gains early and pay tax, you will have less net capital available to invest, potentially for many years. This will not only reduce your dividend income during your lifetime, but it will also most likely reduce the growth of your portfolio and the eventual value of your estate.

Whether the tax savings will make up for the lost investment opportunity depends on many factors, including your current and future tax rates, the rate of return on your portfolio, and the lifespan of you and your wife. , said Golombek. Any increase in the capital gains inclusion rate – which was one of the New Democratic Party’s campaign proposals – would also be included in the decision.

Mr. Golombek suggests that you meet with a financial professional who can calculate the numbers based on your age, income, rates of return, size of estate, health, and expected longevity. to see if paying taxes prematurely makes sense for you.

“In my experience, this is rarely the case,” he said.


I have considered simplifying my portfolio by reducing the number of stocks I own and switching to more exchange traded funds. I’ve looked at several of them, like iShares Core Growth ETF Portfolio (XGRO), BMO Growth ETF (ZGRO), and Horizons Growth TRI ETF Portfolio (HGRO), each of which is essentially a “fund of funds”. The management expense ratio quoted for these ETFs is quite low, but I wonder if the figure quoted also takes into account the MERs of the underlying funds.

When you invest in an ETF that owns other ETFs, you only pay the MER of the fund that you own directly. Securities laws prohibit fund companies from doubling expenses.

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For example, XGRO owns eight other equity and bond index ETFs, with MERs ranging from 0.03% to 0.22%. You would only pay XGRO’s MER of 0.20%, which includes the annual management fee of the fund, administration fees, marketing, taxes and other expenses.

Email your questions to jheinzl@globeandmail.com. I am not able to respond to e-mails personally, but I choose certain questions to answer in my column.

Be smart with your money. Get the latest investment information delivered straight to your inbox three times a week with the Globe Investor newsletter. register today.

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Wall Street Heads For Weekly Gain As Bond Yields Rise https://6toros6.com/wall-street-heads-for-weekly-gain-as-bond-yields-rise/ https://6toros6.com/wall-street-heads-for-weekly-gain-as-bond-yields-rise/#respond Fri, 24 Sep 2021 19:27:17 +0000 https://6toros6.com/wall-street-heads-for-weekly-gain-as-bond-yields-rise/

Newsletter: Not covered

Stocks on Wall Street faltered and public debt sold off as investors closely watched the ongoing Evergrande crisis and digest hawkish signals from several major central banks.

The US S&P 500 Index was pretty much unchanged over Friday afternoon in New York, heading for a weekly gain of 0.4%.

The stocks had largely recovered from a large sell-off on Monday, which shook market confidence. Investors withdrew $ 24.2 billion from global equity funds in the seven days ending Wednesday, the first weekly outflow of this year, according to data from EPFR Global.

U.S. equity funds posted a weekly outflow of $ 28.6 billion over the same period, the highest levels seen since February 2018.

The yield on the 10-year U.S. Treasury bill, a key benchmark for global borrowing costs, rose 0.03 percentage points to 1.46% after the Federal Reserve reported earlier this week that a A growing number of its policymakers were expecting a rate hike in 2022.

The Fed’s message was followed by Norges Bank of Norway becoming the first major Western central bank to hike rates on Thursday and the Bank of England revealing that the deal had “strengthened” for a “modest tightening of the currency. monetary policy ”over the next few years.

“It feels like a swallow doesn’t have a summer, but you see two and investors start to think summer is here,” said James Athey, bond portfolio manager at Abrdn. “We had a decidedly hawkish Fed. . . people therefore have the impression that central banks are moving towards a stricter policy. “

In response to the change in stance by policymakers, the UK 10-year gilt yield jumped more than 0.1pp on Thursday and another 0.01pp on Friday. The yield on the equivalent German Bund rose 0.03pp to minus 0.23%.

The massive sell-offs were driven in part by lingering fears of higher inflation, which is eroding real yields on fixed income securities such as sovereign debt.

On Thursday, the BoE kept interest rates at a record 0.1%, but warned that UK consumer price inflation could rise slightly above 4% in the last quarter of the year. Analysts are now predicting a further rise in consumer prices due in part to soaring natural gas prices.

“We are in the camp which [high inflation] is not a permanent problem, ”said Jorge Garayo, head of inflation strategy at Société Générale. But “we’re going to have a lot of uncertainty and volatility in the inflation numbers for the months to come.”

Global stocks were mixed on Friday as the long-awaited bond payment deadline for Chinese property developer Evergrande was passed, sending signs of strain to the Chinese real estate sector, fears the company’s growing liquidity crunch could end. result in contagion to other sectors and countries.

Evergrande, the world’s most indebted real estate developer, was due to make an $ 84 million interest payment on an offshore bond on Thursday, but investors told the Financial Times that no payment has yet been received. Evergrande has a grace period of 30 days before a default on payment results in a default on payment.

The European benchmark Stoxx 600 closed down 0.9% and London’s FTSE 100 fell 0.4%. In Asia, Hong Kong’s Hang Seng Index closed 1.3 percent lower, bringing its drop for the week to nearly 3 percent.

Beijing hit investor sentiment further on Friday, aiming to crack down on cryptocurrencies by declaring all digital coin activity “illegal.” The price of bitcoin fell 6% in response, as did the shares of dozens of US-listed companies linked to digital finance such as Riot Blockchain and Marathon Digital.

The dollar index, which measures the greenback against six currencies, rose 0.3 percent.

Not covered – Markets, finance and strong opinion

Robert Armstrong dissects the most important market trends and explains how the best minds on Wall Street are reacting to them. Register now here to receive the newsletter directly in your inbox every day of the week

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Large-scale genetic repeat variations contribute to height and other human traits https://6toros6.com/large-scale-genetic-repeat-variations-contribute-to-height-and-other-human-traits/ https://6toros6.com/large-scale-genetic-repeat-variations-contribute-to-height-and-other-human-traits/#respond Fri, 24 Sep 2021 12:06:07 +0000 https://6toros6.com/large-scale-genetic-repeat-variations-contribute-to-height-and-other-human-traits/

Credit: Suzanna Hamilton, Broad Communications

A new study has found that certain genetic changes involving long repeat sequences in the human genome can affect a variety of health-related traits.

Geneticists are studying how differences in DNA sequences between individuals affect individuals over the past decade Disease risk And other properties are primarily focused on one type of variation, the one-letter modification. Today, new research reveals how larger genetically modified organisms significantly contribute to human traits.

In this study by researchers at the Broad Institute of MIT and Harvard, Brigham and Women’s Hospital, and Harvard Medical School, genetic alterations called tandem variable number repeats (VNTRs) were associated with about 20 characteristics, including the waist and curl of the hair. It turned out to be strongly related. , And the risk of heart and kidney disease. VNTRs are sections of the genome that vary in length from 7 to thousands of base pairs and are repeated over and over in different individuals.

The team expected connections between the VNTR and the traits, but were surprised at the power of those connections. “The VNTR that we studied ultimately became the largest or second-largest genomic contributor to the trait,” said an associate professor at Harvard Medical School and associate member of the Broad Institute, co-author of the study. said Po-Ru Loh. .. “It was a real surprise.”

The result is, ChemistryPaving the way for a deeper genetic understanding of how genetics affect human traits and diseases, and also presents new ways for scientists to study repeated genetic mutations on a larger scale. ..

Presentation of VNTRS

The role of larger genomic changes such as VNTR has been studied over the past decade. Because VNTRs are larger and more complex changes, the usual methods used to study genetic variation overlook the contribution of VNTRs to human traits.

To address this issue, Loh’s lab developed a new tool to analyze human exome sequencing data and examine potential VNTRs. Together with Steve McCarroll, a member of the Broad’s Institute, director of genome neurobiology at the Stanley Center for Psychiatry in Broad and professor at Harvard Medical School, they evaluated the human genome. They assessed whether these VNTR length variations were associated with traits by studying the genetics data of approximately 415,000 UK Biobank participants.

Researchers have found that the five VNTRs contribute to a number of properties, often showing strong associations that have not been reported before. One of the VNTRs was in the LPA gene, which encodes a lipoprotein (a) and is associated with a risk of cardiovascular disease. The team’s analysis analyzed how this VNTR, along with other LPA variants, accounted for 90% of genetic mutations at the lipoprotein level (a).

The team also found that the VNTR of the ACAN gene, which encodes a component of cartilage, is related to height. The VNTR length difference for this gene appears to alter the height by up to 3.2 cm. “Our results show that these VNTRs can have very strong effects,” said Bob Handsaker, researcher and lead co-author of the study at McCarroll Labs. “There is more evidence that these complex regions of the genome are really important and may require further research.”

One of the limitations of this study is that the population of UK Biobank is predominantly of European origin. The authors stress that data from a more diverse cohort needs to be investigated to learn more about the role of large-scale genetic alterations such as VNTR. It is also important to study the DNA of a sick person. “It would be very interesting to explore the VNTRs in other cohorts rich in specific biological findings, such as specific diseases,” said a postdoctoral researcher and lead co-author of the study in Loh’s lab. Ronen Mukamel said.

In addition, all 118 VNTRs studied by the researchers were found in the protein coding region of the genome. They say studying VNTRs in other regions of the genome, such as non-coding regions that regulate gene expression, is also essential to understanding how VNTRs affect human characteristics. ..

The team hopes their research will give other researchers a chance to dig deeper into VNTR. “We’ve really only scratched the surface,” Loh said. “There are many more. ”


Under-studied mutations have a significant impact on gene expression


For more information:
Ronen E. Mukamel et al, repetitive polymorphisms encoding proteins strongly shape various human phenotypes. Chemistry.. Online September 23, 2021. DOI: 10.1126 / science.abg8289

Provided by
Broad Institute at MIT and Harvard

Quote: Large Scale Genetic Repeat Mutations, Height and Other Obtained from https://medicalxpress.com/news/2021-09-large-scale-genetic-variations-contribute-height on Sep 24, 2021 Contributes to human characteristics ( September 24, 2021) .html

This document is subject to copyright. No part may be reproduced without written permission, except for fair dealing for the purposes of personal investigation or research. The content is provided for informational purposes only.

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Can we use a company car for personal use? https://6toros6.com/can-we-use-a-company-car-for-personal-use/ https://6toros6.com/can-we-use-a-company-car-for-personal-use/#respond Fri, 24 Sep 2021 08:43:47 +0000 https://6toros6.com/can-we-use-a-company-car-for-personal-use/

One of the perceived benefits of running your own business is the ability to provide you with a company car, with all running costs and depreciation covered by your business.

In reality, it is not that simple and even taking your company car on the shortest route for personal reasons will make you pay additional personal taxes via a benefit in kind, writes accountant Helen Christopher, director of operations at Orange Genie.

Company cars: more taxing than it looks

Unfortunately, in the eyes of HMRC, personal trips include commuting to and from work. This means that using your company car for commuting, shopping at stores, or dropping the kids off at school will require you to pay taxes for the privilege of using the car.

The company car tax is based on three factors:

  1. Manufacturer’s list price, VAT, delivery charges and optional extras included.
  2. The amount of C02 emissions produced by the car
  3. Your personal tax bracket (i.e. 20% or 40%).

How to calculate the tax on company cars

To calculate your tax payable, take the value of your car and multiply it by the company car tax rate for your car’s given emissions.

You will thus benefit from your in-kind benefit rate, which you will then multiply by your marginal tax rate. This tax burden is an annual charge and not just once at the point of purchase. It is therefore important to take this into account when deciding how to finance your next car.

Simply put, the more expensive your car and the higher the emissions, the more tax you will pay. So if you are looking to minimize the tax cost of a company car, consider lowering your car’s value, your emissions, or even consider “going green” and embracing electric technology where the in-kind benefits are high. much lower.

Fuel temptations

Are you tempted to charge your company for all the fuel for your vehicle? Be aware that personal use of the car then triggers an additional benefit in kind on fuel costs which can add a significant amount to your tax bill!

However, paying for your own fuel and collecting business miles will lower your tax bill. Electricity is not considered a fuel in the same way as gasoline or diesel, so again opting for an electric car will reduce your in-kind benefit.

Can the company car tax be avoided?

The only way to be exempt from company car tax is to avoid using your company car for private travel.

To do this successfully, you will need to leave your vehicle in your work premises overnight and on weekends, to be used only for business purposes. For many entrepreneurs, all of this is inconvenient and does not negate personal car ownership.

But you might consider registering the car as a “pool car”, that is, it stays in the workplace overnight and on weekends, and is shared by other employees for business travel. Again, this can always mean that you need a personal vehicle for family and everyday life!

Interestingly, if the company vehicle has been adapted for “Mobility” reasons, the company car tax will not be due. But be careful because these exemptions will only apply to a small minority.

Take a company van instead …

The tax liability on a company van is calculated very differently from a car. The tax is based on a flat rate of £ 3,150 which is then applied to your personal tax rate. So, for example, a base rate taxpayer will pay 20% tax of £ 3,150, or £ 630 per year or £ 52.50 per month.

This tax may be further reduced if one of the following conditions applies:

  • You cannot use the van for 30 consecutive days
  • You pay your business to use the van privately
  • Other employees use the van

Taxman took note, so you must also

If you are considering a company car, it is worth talking to your accountant to consider all of the options. Once viewed as a job perk, HMRC has steadily increased the tax cost of this “perk” over the past 10 to 15 years, so making sure you understand all the potential pitfalls is critical.

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Indian morning briefing: Asian markets mostly up as focus on China Evergrande https://6toros6.com/indian-morning-briefing-asian-markets-mostly-up-as-focus-on-china-evergrande/ https://6toros6.com/indian-morning-briefing-asian-markets-mostly-up-as-focus-on-china-evergrande/#respond Fri, 24 Sep 2021 03:15:00 +0000 https://6toros6.com/indian-morning-briefing-asian-markets-mostly-up-as-focus-on-china-evergrande/
GLOBAL MARKETS 
DJIA         34764.82   506.50   1.48% 
Nasdaq       15052.24   155.40   1.04% 
S&P 500       4448.98    53.34   1.21% 
FTSE 100      7078.35    -5.02  -0.07% 
Nikkei Stock 30169.83   530.43   1.79% 
Hang Seng    24522.65    11.67   0.05% 
Kospi         3125.40    -2.18  -0.07% 
SGX Nifty*   17845.00    16      0.09% 
*Sept contract 
 
USD/JPY 110.36-37   +0.03% 
Range   110.42   110.25 
EUR/USD 1.1738-41   +0.01% 
Range   1.1749   1.1736 
 
CBOT Wheat Dec $7.176 per bushel 
Spot Gold     $1,748.99/oz  0.3% 
Nymex Crude (NY) $73.19    $0.96 
 
 
U.S. STOCKS 

The Dow Jones Industrial Average came out of its September slump with its biggest two-day rally in more than six months, supported by growing investor confidence that the economy can withstand the end of pandemic stimulus and unrest in the Chinese real estate markets.

The blue chip index added 506.50 points, or 1.5%, to 34,764.82 in its biggest one-day rise since July. The S&P 500 gained 53.34 points, or 1.2%, to close at 4,448.98, while the Nasdaq Composite Index added 155.40, or 1%, at 15,052.24 points. All three indices are now higher over the week.

 
 
ASIAN STOCKS 

Japanese stocks were broadly higher, driven by particularly strong gains among shippers and steelmakers, as concerns eased somewhat over the Chinese real estate sector. Investors focused on any development regarding China Evergrande Group as well as the election of a leader of the ruling party in Japan. The Nikkei Stock Average rose 1.9% to 30,190.92.

South Korea’s benchmark Kospi followed Wall Street higher at the start of trading, supported by the rebound in steelmakers. The index gained 0.2% to 3,132.59. Shipbuilding company Hyundai Heavy Industries Co., which had a strong business start last week, continued to weaken after Thursday’s 11% drop. The stock was down 0.8% for the last time. The Samsung Electronics heavyweight index slipped 0.3%.

Hong Kong stocks rose at the start of Asian trading as investors seemed to ignore the risk of Evergrande, according to IG. The benchmark Hang Seng index was 0.2% higher at 24,556.71 while the Hang Seng Tech index was stable at 6,300.47. Contagion risks were still present, but the recent injection of liquidity by China and local governments preparing for a potential drop in Evergrande seems to indicate the authorities’ intention to mitigate economic risks, IG said. This helps calm investor sentiment, he said. China Evergrande was down 4.9%.

Chinese stocks are mixed at the start of trading, as losses at coal miners and commodity companies outweigh gains at some liquor makers. The recent rally by coal companies falters as authorities step up efforts to stabilize prices, with Yanzhou Coal falling 6.0% and China Shenhua Energy 4.3%. Baoshan Iron & Steel loses 1.9% and CITIC Pacific Special Steel loses 2.4%. Among the winners, index heavyweight Kweichow Moutai added 1.8% and Wuliangye Yibin gained 1.3%. The Shanghai Composite Index fell 0.2% to 3635.85 and the Shenzhen Composite Index weakened 0.4%, although the ChiNext price index was 0.5% higher.

FOREX 

The ringgit could strengthen further as the US dollar retreated amid a resumption of risk appetite after the recent FOMC meeting, AmBank Research said. The unexpected jump in the number of new jobless claims in the United States last week further contributed to the greenback’s bearish movement. AmBank expected the ringgit to trade between 4.1624 and 4.1702 against the US dollar on Friday, with resistance stuck at 4.1873 and 4.1957. USD / MYR was little changed at 4.1805.

METALS 

Gold was higher at the start of Asian trading, with investors ignoring signals that the U.S. Federal Reserve would start to scale back its asset-buying activity and possibly raise interest rates, Oanda said. “It’s pretty impressive how relaxed investors are in the face of the situation,” Oanda said. Even so, the Fed’s intention to wane should weigh on the precious metal, with Oanda expecting the precious metal to test the $ 1,740 / oz level soon. Spot gold was up 0.3% to $ 1,748.99 / oz.

OIL SUMMARY 

Oil was higher during the Asian session. Demand for crude remains lukewarm, weighed down by the slowdown in air travel, Marex said. “Demand from the airline industry has slowed in recent months” and remains well below pre-pandemic levels, the broker said. However, prices could be supported by signs of increased oil consumption from crude importer Japan. The country’s crude inventory levels recorded a net drop of 882,390 kiloliters for the week of Sept. 12-18, compared to the previous week, according to data from the Petroleum Association of Japan. First month Brent rose 0.5% to $ 77.64 / bbl and first month WTI gained 0.4% to $ 73.59 / bbl.

 
 
TOP HEADLINES 
 
China Makes Preparations for Evergrande's Demise 
China Fortune Land Suspends Trading of Shares Over Tight Liquidity 
Pelosi Says Government Funding Won't Lapse 
Democratic Leaders Scramble to Find Areas of Agreement on $3.5 Trillion Spending Bill 
U.K. Consumer Confidence Wanes in September on Inflation Fears 
U.S. and European Economies Slowed by Delta Variant, Supply Chain Bottlenecks 
Turkish Lira Falls Near Record Lows After Rate Cut 
Barry Diller's IAC in Talks to Buy Magazine Publisher Meredith 
Nike's Revenue Pinched by Supply-Chain Disruptions 
Costco Sales Rose 17% in Latest Quarter 
CDC Panel Recommends Pfizer Covid-19 Boosters for Seniors, Certain Adults With Underlying Medical Conditions 
Norges Bank Lifts Key Rate, Sees a Further Raise in December 
Federal Regulator Calls for Tougher Power Plant Standards Following Texas Freeze 
Alaska Becomes Latest State to Implement Crisis Care Protocols as Hospital Beds Dwindle 
Migrant Candidates Face Racism in German Election 
Supply-Chain Crunch, Chip Shortage Focus of White House Meeting 
 
 

(END) Dow Jones Newswires

September 23, 2021 11:15 p.m. ET (3:15 a.m. GMT)

Copyright (c) 2021 Dow Jones & Company, Inc.

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Why is the feud over the future of Irish pensions so important? https://6toros6.com/why-is-the-feud-over-the-future-of-irish-pensions-so-important/ https://6toros6.com/why-is-the-feud-over-the-future-of-irish-pensions-so-important/#respond Thu, 23 Sep 2021 17:18:37 +0000 https://6toros6.com/why-is-the-feud-over-the-future-of-irish-pensions-so-important/

Big decisions are ahead on Irish pension policy, with important implications for national finances and for people’s personal finances. A key call will be what will happen to the age at which people are entitled to the state pension, currently 66. But there are a range of other policy changes that are also likely to be considered in this politically most sensitive area.

1. Retirement age

The previous policy of gradually raising the age of entitlement to state pensions – known as the state retirement age – was put on hold due to controversy ahead of the last parliamentary elections. The state’s retirement age was lowered from 65 to 66, but it was projected to be 67 last January and 68 by 2028 have been put on hold, pending a study by a pensions commission . Its report is supposed to recommend that any further increase be postponed for seven years, with a gradual increase in the retirement age to 67 in a series of gradual steps between 2028 and 2031 and an increase to 68 by 2039. However, its full analysis of the financial implications of this reform and other necessary reforms have not yet been published. There are also key questions relating to what is happening with the employment contracts of people, many of whom provide for retirement at age 65.

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Elizabeth Holmes trial: former defense secretary James Mattis testifies https://6toros6.com/elizabeth-holmes-trial-former-defense-secretary-james-mattis-testifies/ https://6toros6.com/elizabeth-holmes-trial-former-defense-secretary-james-mattis-testifies/#respond Thu, 23 Sep 2021 14:20:00 +0000 https://6toros6.com/elizabeth-holmes-trial-former-defense-secretary-james-mattis-testifies/ Mattis, in a San Jose federal courtroom for nearly four hours, described believing so much in the company’s mission promise to test a range of conditions with just a few drops of blood that he invested 85 $ 000 in the startup. But he said that at one point, after careful consideration of the company’s testing capabilities, “I was at a loss what to believe about Theranos.”

“I did not see why we were surprised by such fundamental issues,” Mattis said during questioning of federal prosecutor John Bostic.

Holmes, who founded Theranos in 2003 at the age of 19 with the goal of revolutionizing blood testing, surrounded herself with a remarkable roster of prominent men during her tenure as CEO, including media mogul Rupert Murdoch, who is said to have been the company’s biggest investor; David Boies, the eminent lawyer who was an investor, board member and legal advocate for Holmes and Theranos for a time; as well as former Secretary of State Henry Kissinger. All have been listed as witnesses for the government to call.

Mattis, who served on the board of the blood testing startup from 2013 to 2016, is the first of his well-known associates and the seventh overall witness to testify. Mattis, during cross-examination, said he personally assisted Holmes with security by recommending his former chief bodyguard in response to security concerns over his growing public profile raised by another powerful Holmes ally, former Secretary of State George Shultz.

In his early interactions with Holmes, Mattis sometimes referred to her as “young Elizabeth,” according to displayed emails in the courtroom. In his testimony, he said that she struck him as “sharp, articulate, engaged”. He admitted he was impressed with her but “it didn’t take the place of proving himself on the device.”

Mattis testified that he was primarily interested in the device for military use because he believed that one relatively small device could perform all of the tests the company claimed to be able to do. “It wouldn’t have interested me if it wasn’t,” he said. Mattis also said he joined the board because he found Holmes’ mission “breathtaking” and “a very laudable project” if he reduced the cost of health care.

During Mattis’ cross-examination, Holmes was still sitting in the courtroom with a blue mask covering her face, frequently blinking.

Mattis’ testimony comes as the government continues to build its case against Holmes in an attempt to convince jurors that she intended to mislead investors, patients and doctors about her company’s capabilities and its proprietary blood testing technology in order to take their money.

Holmes faces a dozen federal fraud and conspiracy charges, and up to 20 years in prison. She pleaded not guilty.

The defense, for its part, argued that Holmes was an ambitious young CEO whose company failed, but that failure is not a crime.

Once hailed as the next Steve Jobs, Holmes catapulted his startup to a $ 9 billion valuation on the promise that his technology could effectively test conditions like cancer and diabetes with just a few drops of blood taken from a finger prick. . Lending the star power to his company was a board of directors filled with military and intelligence professionals.

Holmes has secured key business partners such as Walgreens and Safeway, and has been hailed on magazine covers as the richest self-taught woman. Then things fell apart after a Wall Street Journal investigation into Theranos’ technology and testing methods attracted further scrutiny.

Put your reputation on the line

Mattis, a four-star general, first met Holmes in 2011 at a Marine Memorial event before retiring from the Marine Corps in 2013. At a later event where Mattis was giving a speech in San Francisco, Holmes pricked his finger backstage. “I believe that’s when I first saw the machine, a box-like device sitting on a bench right there, and [she] explained the speed and what it could do, ”he testified. He finally threw his weight behind the startup’s attempt to use its technology on the battlefield.

During cross-examination by Holmes’ defense attorney Kevin Downey on his knowledge that Theranos technology could only perform a limited number of tests when he joined the board, Mattis said that he thought it was more advanced. He said he believed he could be deployed in the field and perform “more than a handful of tests.” He noted that otherwise it “would have been unnecessary for us.”

During a subsequent redirect questioning by Bostic, Mattis stressed his desire to have the Theranos devices field tested as part of a side-by-side comparison project to see if they worked before joining the board of company administration.

“What I wanted to do was before I put my reputation on the line… I wanted to know it was working,” Mattis said. “I needed the data, and the best way to do that is to put [the technology] alongside what we were doing, that it would maintain itself and deliver faster and more accurate results. ”

Mattis said this did not happen until he retired from the military and then joined Theranos ‘board of directors at Holmes’ invitation. He said he asked Holmes why he was chosen for the board. “I was not a doctor.” He said he was told he could help with “how to build elite teams, how to get people engaged.”

Mattis testified that he felt that Theranos had 2,000 tests available, which he believed to be tests performed on Theranos proprietary blood analyzers, but he later learned that the company largely used machines. other companies.

Slides of an 89-page PowerPoint presentation from a board meeting – Mattis’ first as a board member – were shown in the courtroom. One slide, titled “Validation of Theranos,” claimed that its lab infrastructure had been validated against guidelines from the FDA and the World Health Organization, for example, and included a quote from John Hopkins Medicine that its technology “is new and strong”.

“So it wasn’t just Elizabeth talking about it. It was third parties, respected third parties,” he said, later noting that he took Holmes’ claims of effectiveness at face value. of technology.

“We were in the room with her, but I took in good faith that what we were being told was correct, and I assumed that when we say these are the results of Theranos, it was from the Theranos machine. “, did he declare. “Looking back, that probably wasn’t correct.”

According to the indictment, Holmes and COO Ramesh “Sunny” Balwani, who is on separate trial on the same counts and who has also pleaded not guilty, allegedly told the investors that Theranos had a profitable and income-generating business relationship with the United States. United States Department of Defense and that its technology had been deployed on the battlefield. “In truth, Theranos had limited income from military contracts and his technology was not deployed on the battlefield,” the indictment said.

Mattis resigned from Theranos’ board of directors in 2016, before joining the cabinet of former President Donald Trump. “Secretary Mattis was struck by the promise of technology and was looking for a technological solution to save lives on the battlefield,” Pentagon spokesman Dave Eastburn said. CNN Affairs in 2018. “He resigned his position on the board of directors of Theranos on December 16 before his confirmation.”
The trial, which began two weeks ago with opening statements, is expected to resume on Friday.
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Electric vehicles and solar energy https://6toros6.com/electric-vehicles-and-solar-energy/ https://6toros6.com/electric-vehicles-and-solar-energy/#respond Thu, 23 Sep 2021 06:36:53 +0000 https://6toros6.com/electric-vehicles-and-solar-energy/

With Pakistan’s very first and still quite ambitious National Electric Vehicle Policy (NEVP) already approved by the authorities and finally put in place to facilitate the green transformation of the automotive industry, it is time to reflect on the feasibility of this new one. plan. At the same time, industry leaders, government officials and consumer base have questions to answer before taking a leap of faith for a new electric-powered Pakistan.

In this Zonergy blog post, our experts will try to explore the main infrastructure issues while opting for electric vehicles and present a viable research-driven solution for them.

Why is this THE time to say no to fossil fuels?

According to a policy document from Pakistan’s Ministry of Climate Change, hydrocarbon-fueled transport is one of the main causes of greenhouse gas emissions, accounting for 43% of the country’s air emissions. The air quality index in most of our developed cities generally remains below average and we are losing precious lives, talented minds and a hardworking workforce to this deadly air pollution.

The loss of precious human resources is then followed by a huge oil import bill of around $ 13 billion. (Just for a quick reference which equals 2,201,980,300,000 in Pakistani rupees). This heavy oil import bill coupled with the current account deficit has always proven to be a source of imbalance for our economic stability and growth.

According to a LUMS report, if our transportation sector continues to grow at the same double-digit rate, the bill for oil imports is expected to reach an alarming $ 30 billion by 2025. Ask yourself, are we really? able to afford this loss? given the circumstances we are facing?

Electric vehicles (EVs) – the only possible way out for Pakistan

In order to overcome these health, economic and human resource challenges, we must reduce our dependence on fossil fuels and vehicles powered by hydrocarbons. We need to switch to electric vehicles.

First, since electric vehicles do not emit any unhealthy pollutants, their adoption by Pakistani drivers will greatly reduce emissions of harmful gases. Second, as the increasing trade deficit is one of the main reasons for the stagnation of economic growth in Pakistan, the switch to electric vehicles will drastically reduce the import bill for oil – which is arguably the biggest import commodity. for Pakistan. More than that, electric vehicles have within them the potential to create a whole new manufacturing and service industry in our country, leading to the creation of multiple green businesses and employment opportunities (around 3,000,000 new jobs) . And all this while improving the overall socio-economic situation of our country.

Speaking of the momentary aspects of this transformation, if the target penetration of the first five years is reached as planned, Pakistan will prudently reach around PKR 110 billion per year in savings and income.

Okay, so electric vehicles are the best possible option available at the moment. Now, to maximize the benefits of this transformation, we need to ensure that electricity for electric vehicles does not have to come from burning fossil fuels or hydrocarbons.

Rather, we should use available renewable energy technologies (like solar and wind power) to our advantage and use them as our primary sources of energy, power and movement.

Electric vehicles and solar energy – a heavenly marriage!

Expressing the same concern, the CEO of a renowned engineering company reported in an interview that 30,000 electric vehicles were estimated to consume 1% of Pakistan’s total production capacity.

This brings us to our next question, how is Pakistan going to power all these environmentally friendly electric vehicles? As a starting option, the government can surely count on supplying the network to supply the first batches of electric vehicles. But this model requires a lot of infrastructure development and would certainly take a long time.

Another simpler, more efficient and faster solution is to promote and adopt solar energy solutions to facilitate the continued use of electric vehicles among Pakistani consumers.

The funny fact is that only 10 solar panels can produce enough electrical power to get an EV to travel 21,000 kilometers in a year.

Zonergy, as a market leader in the solar industry, provides cutting-edge solar solutions to its users. You can check out their A-Grade solar solutions by clicking on the link below:

https://www.zonergy.com.pk

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