Is Audit Compulsory IN UK?
Hi There,Can some one help me out surrounded by tax rules (UK).
My enquiry is:
1) Above what turnover figure is Audit become compulsory?
Answers: An audit is not compulsory for all companies - some are exempt. The turnover threshold is lb5.6m.
But information that there are other conditions and so a company beside turnover below lb5.6m might still require an audit.
If i don't file 2007 taxes will i still be eligible for the stimulus check?
Answers: No, you won't. They are basing it on your 2007 return...that is IF THE STIMULUS PLAN ACTUALLY PASSES INTO LAW! On Feb 15 they are suppose to vote on it again so we shall see.
I think the more important question is...why wouldn't you file your 2007 taxes?
But to answer your question...I don't think all of the details have been worked out yet - there's still a lot of speculation about how exactly this will work. I would guess that it'll be based on your 2007 taxes, but I'm not sure.
There is no "rebate" yet so there is no way to answer any questions regarding it. It's still being debated in Congress and there's about an equal chance that it will never become law.
The "rebate" is nothing more than a budget-busting vote buy by Bush and Congress. Hopefully cooler heads will prevail and the whole thing will die off quietly.
From the Federal deficit perspective it's about the same thing as getting a $5 a week pay raise but having your credit card debt doubled in return. A good deal if you don't have any debt, but a crushing burden if you're already saddled with too much debt, and this country is already saddled with WAY too much debt -- about $40,000 worth for every man, woman, and child in the country.
My understanding is that if the rebate passes it will be based on your 2006 tax return.
Tax return lower than previous year?
yeah i meant repayment2006 witholding was 4432
2007 witholding be 4384..1700 for 1st job and 2400.00 for unusual job (i enjoy two w2s)...i also had my 401k withdrawl, the feed withold was 244.00 on that
Answers: 2 + 2 = 4
a) Your withholding dropped.
b) You took money out of a 401k. The $244 didn't cover adjectives of the taxes and the penalty.