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Are tax credits based on gross or net income?

Tax credits are worked out using yearly rates, so you need to provide an annual income figure. HM Revenue & Customs (HMRC) use the tax year as the bas...

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Knowledge Base

Latest insights and tutorials from the The Daily Horizon team.

What insurance do solicitors have?

Solicitors’ Professional Indemnity Insurance Solicitors’ Professional Indemnity Insurance (PII) will cover you if claims are made against you by your clie...

What do Congressmen and Senators get paid?

Salaries of members of the United States Congress Position Salary Senators and House Representatives $174,000 Resident Commissioner from Puerto Rico $174,...

What are examples of earned income?

Examples of earned income are: wages; salaries; tips; and other taxable employee compensation. Earned income also includes net earnings from self-employme...

What does major medical expense insurance cover?

Major medical insurance covers more than doctor visits and surgical procedures. Most plans cover some or all of your prescription drug costs as well as se...

Can you see a hygienist with braces?

It is normally recommended that a patient sees a hygienist every 3-6 months whilst they are undergoing orthodontic treatment. This is to ensure that the t...

Is ITR same as Form 16?

Form 16 is a Certificate issued by employer showing TDS deducted and paid on the employee’s salary. Each employer issues Form 16 to his employees who are ...

How do I record a Section 179 expense?

You claim the Section 179 deduction on Part I of Form 4562. You’ll have to include a description of the property, its cost, and the amount of Section 179 ...

Where is provision for tax shown in profit and loss account?

Provisions made for taxation during the current year is transferred to adjusted profit and loss account. The amount paid as tax is shown as an application...

Why is it important to support your coworkers?

Facilitating the development of others and bringing out the best in them, is one of the most important roles for a leader. Not only that, but it makes you...