Keeping it’s tradition of facilitating it’s valued customers in unique and unexpected ways alive, ACE Money Transfer has launched another campaign that brings into focus Pakistani migrants for doling out amazing cash prizes to them.

But not all migrants from Pakistan can take part in this campaign. Only those residing in the UK, Europe, Canada, Australia and Switzerland can become part of this exciting campaign by sending money to Pakistan through ACE Money Transfer to any branch of Bank Al Habib in Pakistan during the campaign duration.

An Introduction Of The Exciting Campaign

Establishing professional liaisons between several reputable financial institutions, based on the convenience of it’s valued customers, is unique to ACE Money Transfer.

In this context, the company has entered into another partnership with one of the biggest banks in Pakistan, Bank Al Habib, to launch this exciting campaign.

In this campaign, Pakistani migrants residing in the listed countries above can take part and send money through ACE Money Transfer to Bank Al Habib and win 2 mega prizes of PKR 10 million each and 91 prizes of PKR 100,000/- each on every day of the campaign duration.

The Duration Of The Campaign

The campaign starts on the 1st of April and lasts till June 30^th, both days inclusive. The campaign spreads over a total of 91 days. If the total days of all three months are counted together, the total day count will reach 91 days and the company is doling out as many prizes to it’s valued customers.

But the two bumper prizes are apart from these 91 days and 91 prizes.

It means that this campaign comes with a total of 93 cash prizes.

Selection Of Winners

Those aspiring to participate in this exciting campaign need to understand that the winners of the prizes, be it 91 small or 2 bumper prizes, will be selected in a series of lucky draws that are scheduled both during the campaign and will continue well after the campaign draws to a close.

Remember that the two bumper prizes of PKR 10 million each will be given to the lucky winners who happen to be the remitters in this campaign on the auspicious occasion of twin Eids – one just around the corner and the other approaching fast, albeit a couple of months away.

Providing Fair Chance To All Participants

Owing to the uncertainties of life, a winner may not be able to come to the occasion of prize distribution. In such a scenario, the company will wait for the winner for a total of 7 days. In case one does not make it during the waiting period, the company will conduct a redraw to select another winner.

The Logic Behind The Partnership

The core logic behind entering into a partnership with Bank Al Habib is to facilitate the flow of remittances through legal channels. The stern legal regulations by the Pakistani government of inward remittances have led to the increase of taxation on remittances.

This taxation the remitters and the recipients have to pay and to avoid it completely or pay less than what they legally should, a large segment has resorted to using illegal channels to send money back to Pakistan.

Therefore, this partnership is created, which covers taxation to a large extent in the following few ways.

Low Fees

The company charges a low fee on online money transfers. A money transfer will likely be free if the amount being transferred remains below a certain limit, as fees will be charged only if the amount reaches a certain threshold.

Live And Competitive Currency Exchange Rates

The company offers live and competitive currency exchange rates linked with the international market, where they keep fluctuating. It allows remitters to choose a time for transfer when rates are most favourable.

Slashing Commuting Cost

Approaching 1,080+ branches of Bank Al Habib is a great help for the recipients across Pakistan as it will save them commuting costs. Such a huge branch network means that any branch anywhere can be approached without having to travel a long distance to reach one.

This is how the company is encouraging the use of legal channels for online money transfers despite having to pay huge taxes, as savings in the above-mentioned ways will compensate for the amount paid as taxes!

Focus On Pakistani Migrants – The Economic Factor

• A report by Pilot Guides said that the Pakistani diaspora consists of about 9 million, making it one of the largest diaspora communities worldwide.
• A DAWN report said that Pakistan received about $31 billion in inward remittances in FY2022.
• The World Bank said that Pakistan’s nominal Gross Domestic Product (GDP) in 2021 was $348.26 billion.
• Another World Bank report said that in 2021, Pakistan’s GDP per capita income was $1,505.

These statistics point towards a struggling economy, meaning the people suffer financially. This realisation prompted the company to launch this grand and exciting campaign.

ACE Money Transfer – Benefits And Awards Running Parallel

Simply send money through ACE Money Transfer to Bank Al Habib in just 7 seconds to deliver funds and keep sending it across the entire campaign to win one of the two PKR 10 million or one of the 91 PKR 100,000/- prizes in a series of lucky draws along with getting several other benefits explained above.

Getting a Company Up and Running

Companies House will register your company for you, reducing the workload when your business is new. If you are an employer, they can also provide you with advice on your new tax obligations and work with HMRC to help register you for VAT and payroll tax.

Wage and Salary

Payroll is typically handled in-house at large companies, but it is best to outsource it to your accountant for small businesses. Alternatively, you could stop spending countless hours doing income tax calculations and HMRC paperwork every month. This kind of processing is, fortunately, enjoyed by some payroll specialists (each to their own).

Your company’s compliance with necessary regulations and legislation will be taken care of by them, allowing you to focus on more exciting activities. Another reason to consider outsourcing is that you can avoid the expense of payroll software and training.

Taxes

Many people dread the three letters VAT. There are often changes in VAT regulations, and it can be difficult to understand. Choosing a payment scheme that avoids overpaying your company’s VAT obligations will be your accountant’s job. 

You may also entrust them with your quarterly VAT returns, ensuring that you will not face any surprises in the form of fines.

Accounting

Limited companies must perform the tedious but necessary task of bookkeeping on a regular basis. Every receipt and invoice must be logged, but come year-end (or if HMRC knocks on your door), no one wants to go hunting for lost documents. 

Due to their meticulous nature, accountants can handle books efficiently, freeing up even more of your time and allowing you to concentrate on other priorities.

Accounting for the year

Each year, limited companies are required to file their annual accounts with Companies House and HMRC. If a company does not do so, it could be given hefty fines, struck off the register, and even face legal action. This is a crucial process that companies operating under an employee ownership trust structure must also diligently follow to maintain legal compliance and transparency for employee beneficiaries.

This will not happen to your accountant. 

They will compile and produce documentation on time (if not in advance). A balance sheet, profit/loss report, a report from you as the company director, and any other important notes will be included in the report, depending on the size of your business.

Returns on tax

During every financial year, you will be required to submit a tax return by HMRC along with your annual accounts. 

If you made a loss or are below the threshold, you must still declare your taxable profit, for which you must file a return.

It includes a profit/loss account, but it is different from what appears in your annual accounts, just to make things a bit more interesting. 

Your adjusted profit should be shown, i.e., the gross profit minus expenses and investments. It can be difficult to prepare the paperwork, but your accountant can do it for you and calculate the amount of Corporation Tax you owe. They can also remind you when to make the payment.

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