Some common things businesses forget at tax time
1 minute to readRunning a business is a demanding job, so it’s no wonder owners lose track of crucial things at tax time, such as: Deducting entertainment expensesDinner and lunch meetings with clients and customers are partially tax deductible. Keep your receipts and check in with us to see which meetings can be deducted. Bear […]
DON’T FORGET: Documents for your accountant
1 minute to readRemember to provide all the relevant documents we will need to put together your financial statements for the year. Have you got these ready? Disclaimer: This blog has been carefully prepared, but it has been written in general terms only. The blog should not be relied upon to provide specific information without […]
Interest deductibility on property investments is now being phased in with 80% allowable from 1 April 2024
As of 10 March, the coalition government has confirmed the return of interest deductibility for property investors, with the phased-in changes taking effect from the next financial year. As a result, legislation is expected to be passed allowing you to deduct 80% of your interest expenses on property investments in the year to 31 March […]
Your provisional tax explained
1 minute to readYour provisional tax equals your previous year’s residual income tax plus 5%. However, provisional tax paid in the past may not reflect how your business has performed over the current financial year. Your final income for this financial year will determine whether you’ve overpaid or underpaid provisional tax. Once you’ve filed your […]
Your 12-point checklist to stay ahead on tax
2 minutes to read 1. Contracts Have you invoiced retentions that don’t need to be paid until next year? If they are payable this tax year, they will be classed as taxable income for 2023-24. Unsure? Talk to us as your tax adviser. 2. Employee expenses and holiday pay Holiday pay, bonuses, redundancy payments, and […]
