Sentences with phrase «substantial tax hit»

An incorrect assessment of a genuine contractor can result in a substantial tax hit to public sector organisations still grappling with austerity.

Not exact matches

Facebook said he will use the «substantial majority» of the windfall to cover the massive tax bill he'll be hit with, thanks to his plan to exercise a large stock - options grant that will increase his ownership stake in the company he founded.

The revised scheme hits the rich hardest, but also requires a substantial increase in the basic rate of tax to 30 %, as well as lifting national insurance to 12 % of all income.

Still, the tax hit will likely be fairly modest — and the benefit substantial.

«in addition to the clawback issue, there are other important one - time but substantial hits: (1) a partner would lose any capital account, (2) a partner may have to pay income taxes on any partnership debt that is forgiven as part of the reorganization (the cancellation of indebtedness income flow through the partnership to the individual partners) and (3) the partner may lose entirely benefits under certain types of retirement plans.

Unfortunately, when the second spouse dies, the beneficiaries who inherit his or her assets will then likely be hit with a substantial amount of estate taxes if the amount of assets exceeds the exclusion limit.

Substantial income tax penalties can hit you if you tap into retirement accounts before a certain age.

You could hire a property manager but the hit to your returns from shaving 8 - 10 % off your top (income) line will be much more substantial than the one from the higher tax liability that started this whole discussion.