Allowable Expenses for Self-Employed – Stay Updated!
Don’t forget to claim all allowable business expenses to reduce your taxable profits. Common expenses include office costs, travel, and professional fees. HMRC occasionally updates what’s allowable, so always check the latest guidance or speak to us for advice on any changes that may affect your claim.
Record-Keeping Best Practices – Get Ready for July!
With the July payments on account deadline approaching, now is the perfect time to review your business records. Keep receipts, invoices, and bank statements organised and up to date – this not only makes tax returns easier but also ensures you’re prepared in case HMRC requests evidence of your expenses.
Director’s Loan Accounts – Year-End Review
If you’re a company director, remember to check your director’s loan account before the end of the tax year. Unpaid or overdrawn balances can trigger extra tax charges. Reviewing your account early can help you avoid unexpected liabilities and keep your company’s finances healthy.
For more information about the above, call the team at Holmes and Company on 01525 851101 or contact us here
The tax tip is provided for general guidance only; further advice should be sought, for specific issues.
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