Dear Muhammad,
This month our news includes details of a new pension checking service launched by HMRC. It’s useful to see what you might retire with and identify any NICs gaps you might have, especially as there is additional time to make up any shortfalls until next April. We’ve also included some details of allowable expenses for the self-employed. In particular it is worth noting the different kinds of training that are considered acceptable for tax relief, especially if it’s for unrelated business activities. We have information on how and when to submit corrections to past VAT returns. Filing your tax return early is a useful topic – we can help you plan ahead and understand your future liabilities, going through a few financial considerations. Contact us if that’s something you’d like to do. We conclude, as always, with some financial deadlines that take us up to mid-August.
The enhanced Check Your State Pension forecast service is now available online. The service can be found on GOV.UK at the following webpage https://www.gov.uk/check-
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If you are self-employed it is important to know if an expense is tax allowable. Any allowable costs can be used to reduce your taxable profit.
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Where an error on a past VAT return is uncovered businesses have a duty to correct the error as soon as possible. As a general rule, any necessary adjustment can be made on a current VAT return. To do this, the errors must be below the reporting threshold.
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The 2023-24 tax year ended on 5 April 2024 and the new 2024-25 tax year started on 6 April 2024. Most taxpayers will be happy to leave dealing with their 2023-24 tax returns until later this year or even until January 2025.
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Tax Diary July/August 2024
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