With the end of the financial year fast approaching, here’s our tips for making the best of the end of the financial year and maximising tax deductions.<\/p>\n\n\n\n
End of financial year financials is a great time to take advantage of asset write-offs. This allows small businesses to claim an immediate tax deduction for all small capital expenditure items purchased in the financial year.<\/p>\n\n\n\n
The deduction is available per item, so every qualifying purchase can be deducted.<\/p>\n\n\n\n
This means that if you make purchases between now and 28 February 2025, you can then claim the deduction in your tax return for 2024-25, this can be a great cashflow boost as well as giving you the chance to upgrade your caf\u00e9 or restaurant.<\/p>\n\n\n\n
Amongst the things you could claim are:<\/p>\n\n\n\n
Kitchen equipment
Property fit-out, such as chairs, tables, bar fittings, and d\u00e9cor
Technology, such as computers, laptops, mobile phones, and POS system
Website upgrades<\/p>\n\n\n\n
Other ways in which to save on tax:<\/p>\n\n\n\n
Write off out of date or obsolete stock, such as alcohol, or alternatively do not include in your final end of year stock take, in order to claim the deduction.
If you have old, obsolete or non-operational kitchen equipment which is still being depreciated, write it off and claim a tax deduction for the residual value.
Calculate and make provision for leave pay and outstanding statutory payments.<\/p>\n\n\n\n
Good record keeping is necessary for efficient business management and will also make life easier if the tax authorities or your accountant ask you questions. Tax law requires that records be kept for five years, and they should include:
Sales receipts
Expense invoices
Credit card statements
Bank statements
Employee records (Salary advises, wages records including time sheets, PAYE declarations, contracts)
Vehicle records<\/p>\n","protected":false},"excerpt":{"rendered":"
With the end of the financial year fast approaching, here’s our tips for making the best of the end of the financial year and maximising tax deductions. End of financial year financials is a great time to take advantage of asset write-offs. This allows small businesses to claim an immediate tax deduction for all small … Read more<\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-82","post","type-post","status-publish","format-standard","hentry","category-uncategorized"],"_links":{"self":[{"href":"https:\/\/tempchefs.nl\/index.php\/wp-json\/wp\/v2\/posts\/82","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/tempchefs.nl\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/tempchefs.nl\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/tempchefs.nl\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/tempchefs.nl\/index.php\/wp-json\/wp\/v2\/comments?post=82"}],"version-history":[{"count":2,"href":"https:\/\/tempchefs.nl\/index.php\/wp-json\/wp\/v2\/posts\/82\/revisions"}],"predecessor-version":[{"id":178,"href":"https:\/\/tempchefs.nl\/index.php\/wp-json\/wp\/v2\/posts\/82\/revisions\/178"}],"wp:attachment":[{"href":"https:\/\/tempchefs.nl\/index.php\/wp-json\/wp\/v2\/media?parent=82"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/tempchefs.nl\/index.php\/wp-json\/wp\/v2\/categories?post=82"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/tempchefs.nl\/index.php\/wp-json\/wp\/v2\/tags?post=82"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}