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Self Assessment Deadline Countdown: Avoid These Common Mistakes
Manage episode 461259244 series 3383019
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As the 31st of January deadline for Self Assessment approaches, Vicky and Lee, the pet accountants, provide essential guidance to help listeners navigate their tax returns with confidence. They clarify critical dates and rules, especially for those who began their businesses after April 2020, and emphasize the importance of understanding what expenses are allowable. The discussion highlights common misconceptions surrounding business expenses, such as clothing and footwear, and the strict guidelines set by HMRC. Listeners will also learn about the importance of accurate record-keeping and not falling into the trap of claiming expenses that could lead to penalties. With a mix of practical advice and humor, Vicky and Lee aim to alleviate the stress around tax season and encourage their audience to seek help if needed.
Takeaways:
- The self-assessment deadline for the 2023-2024 tax year is January 31st, 2024, so ensure your tax return is submitted on time.
- If you started your business after April 2024, you don't need to file a tax return yet, so don't panic.
- Everyday clothing expenses are not allowable for tax deductions unless they are branded uniforms.
- When claiming for expenses, you must ensure they are wholly and exclusively for business purposes.
- Conversely, if you have incurred costs due to a work injury, those medical expenses may be claimable.
- For dog walkers and groomers, wearing branded clothing can convert personal clothing into allowable business expenses.
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