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- Tax Relief
Below is an overview of some of the tax relief schemes available that your business may be eligible for.
General tax reliefs
- Employment Allowance - You could get up to £3,000 a year off your National Insurance bill if you’re an employer.
- Tax relief for employees - You may be able to claim tax relief if you have to use your own money for travel or things that you must buy for your job.
- Business rates relief - Some properties are eligible for discounts from the local council on their business rates.
- VAT Cash Accounting Scheme - lets you pay VAT on your sales when your customers pay you, and reclaim VAT on your purchases when you have paid your supplier.
- Entrepreneurs' Relief - You may be able to pay less Capital Gains Tax when you sell all or part of your business.
- Incorporation Relief - You may be able to delay paying Capital Gains Tax if you transfer your business to a company in return for shares.
Industry tax reliefs:
Corporation Tax: creative industry tax reliefs. How to qualify and claim for 8 Corporation Tax creative industry tax reliefs.
- Capital Allowances - You can claim capital allowances when you buy assets that you keep to use in your business, such as equipment, machinery, and business vehicles. You can deduct some or all of the value of the item from your profits before you pay tax.
- Enhanced Capital Allowance (ECA) - The ECA scheme means that a business can invest in energy-saving plant or machinery that might otherwise be too expensive.
- Energy Technology List (ETL) - a government-managed list of energy-efficient plant and machinery. If you pay income or corporation tax, you’ll be able to claim 100% first year capital allowance on a product if it’s on the ETL at the time of purchase.
- Business Asset Rollover Relief - You may be able to delay paying Capital Gains Tax if you sell some business assets, and use all or part of the proceeds to buy new assets.
- R&D tax relief - You may be able to claim Corporation Tax relief if your project meets the definition of R&D.
- R&D Advanced Assurance - if your company carries out R&D for itself or other companies and claims R&D tax relief (above), it could qualify for Advance Assurance.
- The Patent Box - How to apply a lower rate of Corporation Tax to profits earned from patented inventions and certain other innovations.
- Social Investment Tax Relief (SITR) - helps social enterprises raise finance by offering tax relief to individual investors.