New round new opportunities

On 1 March next, the IB 2024 tax return round will start. The tax authorities have announced that this time they will pay extra attention to the arm's length nature of expenses. Extra attention will be paid to private expenses booked as business expenses. Corporate income tax, VAT and payroll tax returns will also be actively checked for this. In addition, the Tax and Customs Administration will conduct more frequent audits, especially of self-employed entrepreneurs and directors with a one-person limited company. Research shows that costs are often incorrectly recognised in the case of these groups.

Tip
Are you self-employed or a director and principal shareholder? If so, make sure you account for the costs correctly in your records and that you can provide supporting documents to prove the arm's length nature of the costs.