Did you know that business owners up and down the country are missing out on billions of pounds of potential savings? Don’t be one of them.
To make the tax system fairer and to incentivise certain aspects of business, the Government offers more than 1,000 tax reliefs and allowances to companies and individuals in the UK.
Are you aware of how you can benefit from the tax reliefs and allowances that are available? If not, talk to one of our experts!
As many businesses do not seem to know what help is available, the following go unclaimed:
£830 million in pension tax relief
Did you know that your private pension contributions are tax-free up to certain limits? This applies to most private pension schemes, for example – workplace pensions, personal and stakeholder pensions and overseas pension schemes that qualify for UK tax relief. Find out more about our pension services HERE.
£84 billion in research and development tax credits
Research and Development, otherwise known as R&D is a tax relief that is awarded to UK companies who have invested into research and development to better the way they work, improve existing products and to develop new ones. This offers them an opportunity to claim either a reduction in corporation tax, or, for loss making companies, a payable tax credit. It can even be claimed for unsuccessful projects! So, you could even still be eligible for unclaimed allowances and tax reliefs from prior years or for upcoming R&D based projects! Read our full article on R&D HERE.
£80 billion in capital allowances
Did you know that you can claim capital allowances when you buy assets that you keep to use in your business? For example – equipment, machinery and business vehicles, for example cars, vans or lorries. You can deduct some or all of the value of the item from your profits before you pay tax. If you’re a sole trader or partner and have an income of £150,000 or less a year, you may be able to use a simpler system called cash basis instead. Speak to one of our experts to find out more.
Managing claims for these tax reliefs and allowances is crucial for freeing up cash for your business – something we all need right now. Furthermore, a systematic tax audit by a team of experienced advisers can simplify the process for you. Here at Nordens, we can kickstart the process for you. Why wait?
For more information or advice on what tax reliefs or allowances, your businesses could take advantage of, contact our expert team on 02085300720 or email businessdevelopment@nordens.co.uk
