We are getting ahead of schedule on increasing teacher salaries, all while cutting costs for local taxpayers. With the increase of local state revenues, our newly approved budget increases each cell on the teacher salary schedule by $5,691 and sets first-year teacher pay at $52,450. #makingapositivedifference #publicedcuation #teacherpay
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Read another interesting article today on how many schools independent school will have to make redundancies with the proposed VAT coming into play. The uncertainty of what lies ahead, makes it an incredibly tough time for independent schools with planning for all scenarios of how best to work with the changes. Are you in a position where you will have to make these difficult decision of redundancies? https://lnkd.in/eTnmW9uj
Private schools face mass redundancies to cover Labour tax bill
telegraph.co.uk
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Private schools and VAT - your questions answered! Despite opposition from families, schools and teachers, the UK’s Labour Party plans to end private schools’ exemption from paying VAT and full business rates if it forms a government on 5th July. With the general election tomorrow, we answer your questions and attempt to understand what the future of school fees may look like. Read here: https://ow.ly/u85I50Sttwf #generalelection #education #independentschools
Private schools and VAT - your questions answered | The Good Schools Guide
goodschoolsguide.co.uk
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Should I Pay School Fees in Advance? Given the potential for a Labour government to introduce VAT on school fees if elected, many clients have been asking if they should pay these fees in advance. While we are not VAT experts and recommend seeking tax advice, typically VAT applies when services are rendered, not when fees are paid. However, there is often a provision to invoice for continuous services up to one year in advance, which might result in some VAT savings if fees are prepaid. Additionally, schools may offer discounts for advance payments, providing an immediate financial benefit. Since no draft legislation has been released yet, it's challenging to offer definitive advice. We will continue to monitor the situation closely. Before making decisions like this, it is highly advisable to consult with a Financial Adviser.
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With a new school year upon us, educators are in the spotlight. Here are some tips to help teachers tame their taxable income.
Tax Breaks for Teachers
sinkgordon.com
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Putting VAT on private schools would raise £1.7 billion according to Labour. But in this scenario, 65 per cent of revenue would be LOST as a result of an increase in children entering state schools! 💷 Take a look at our analysis of this policy 👇 https://lnkd.in/eYHJvYpp
ANALYSIS: VAT on private schools could end up costing taxpayers
taxpayersalliance.com
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Ravian l Ex-EY l Customization Expert l Business incubation Specialist l Founder Hoodiocre | Founder Taxbuddy Tax Planning Service
Tax Implications for a School Teacher in Pakistan. #Tax #FBR #teacher #taxation #areas In Pakistan, the tax implications for a school teacher primarily depend on their income level, allowances, and the current tax laws. Here are some key points to consider: Income Tax Rates: Pakistan employs a progressive tax system where the tax rate increases with the level of income. The rates and income slabs can change annually based on the federal budget. Income Slabs and Tax Rates: As of the most recent tax year, the tax slabs for salaried individuals (which would include school teachers) are structured such that lower-income individuals pay a smaller percentage of their income in taxes, while higher-income individuals pay a higher percentage. For example, for the tax year 2023-24, the income tax rates for salaried individuals are: Up to PKR 600,000: 0% PKR 600,001 to PKR 1,200,000: 2.5% PKR 1,200,001 to PKR 2,400,000: 12.5% PKR 2,400,001 to PKR 3,000,000: 20% PKR 3,000,001 to PKR 6,000,000: 25% Above PKR 6,000,000: 35% Allowances and Deductions: Some allowances such as house rent, medical, and special allowances might be partially or fully exempt from tax. School teachers can also benefit from deductions on investments in approved pension funds, donations to approved charitable organizations, and other specified deductions. Filing of Tax Returns: School teachers are required to file their income tax returns annually, usually by September 30th. Filing can be done online through the Federal Board of Revenue (FBR) portal. It is crucial to keep proper documentation of income and expenses to claim any applicable deductions and exemptions. Withholding Tax: Employers are generally required to withhold tax on salaries. This means that a portion of the salary is deducted at source before payment is made to the teacher. The withheld amount is then deposited with the government, and the teacher receives a certificate of withholding tax which should be included in their annual tax return. Tax Reliefs and Credits: School teachers may be eligible for certain tax reliefs, such as those for education expenses or specific rebates offered by the government from time to time. Compliance and Penalties: Non-compliance with tax laws, such as failure to file returns or underreporting income, can lead to penalties, fines, and interest on unpaid taxes. To ensure accurate and up-to-date information, school teachers should consult with a tax advisor or refer to the latest guidelines issued by the Federal Board of Revenue (FBR) in Pakistan.
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A retired chief executive of operations in the UK, China, and the Far East; covering hospitality, manufacturing and regional sales and marketing. Now a keen East-West international affairs watcher and commentator.
I think it is a complete mistake for the Labour Party to introduce VAT on private school fees. Reasons: 1) Education, just like the NHS and many other areas, need a lot of investment. 2) If VAT is introduced, inevitably, some middle class parents may have no choice but to move their children to government funded schools. This will stretch the funding on these schools even further. 3) Currently these middle class parents may be stretched but just about to afford private school fees. This means more spaces in government schools are available to children who need them; or at least the current funding can be spent on less children. Less children means the teachers can spend more time on each child and the children there can benefit. 4) If and when VAT is introduced, private schools will lose some children, hence income. They may have to cut expenditure such as bursary to intelligent children from poor backgrounds. 5) If the idea is to punish the rich, most likely those who are really really rich can afford the VAT, whereas the aspired middle class parents are the ones who are hit. The best way is not to intervene and let the market does the job. Social engineering never works.
How to fight back against Labour’s attack on private school fees
telegraph.co.uk
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Q&A: I got this reply recently from Revenue’s PAYE division. I have students stay for a month or two at a time and inquired about this relief because I couldn’t find anything on Revenue.ie about it and this is what I got back. “Underage Spanish students in your home for a few weeks or months does not qualify for any relief. “There is no tax relief for you renting to part-time students. The rent-a-room relief is for long-term letting of a room in a property you live in. Underage Spanish students in your house for a few weeks or months does not qualify for any tax relief. “You get paid this income and you should be declaring it as untaxed income arising in the State on your end-of-year tax return as it is taxable.” Read more: https://lnkd.in/eTYfR4Ev
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The matter of VAT on private school fees is very relevant now that the General Election campaigns are underway. In this article, my colleague Jonathan Main sets out his thoughts on Labour's policy, covering what might change, how, when and the action parents and schools may take. #MHA #Tax #VAT #GeneralElection #UK
What is Labour's policy on placing VAT on private school fees?
mha.co.uk
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New school year reminder to educators; maximum educator expense deduction is $300 in 2023 IR-2023-150, Aug. 17, 2023 WASHINGTON – As the new school year begins, the Internal Revenue Service reminds teachers and other educators that they'll be able to deduct up to $300 of out-of-pocket classroom expenses for 2023 when they file their federal income tax return next year. This is the same limit that applied in 2022, the first year this provision became subject to inflation. This means that an eligible educator can deduct up to $300 of qualifying expenses paid during the year. If they're married and file a joint return with another eligible educator, the limit rises to $600. But in this situation, not more than $300 for each spouse. #cpa #irstaxtip #tax #accounting
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Innovative Learning Coordinator @ Berkeley County School District | CEO, Edu Consultant | CEO, Web Design
2wThat’s awesome news!