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 long service leave owed…
Tag: End of tax year
Some common things businesses forget at tax time
Running a business is a demanding job, so it’s no wonder owners lose track of crucial things at tax time, such as: Deducting entertainment expenses Dinner 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 in mind…