There are 3 key business reliefs that every business owner should review annually – if you meet the criteria, these are available simply by claiming them (but if you don’t ask, you don’t get):
- Business Rates Reliefs: too many to list here in detail, but you can ask the Valuations office to review the rates, claim exemptions for small businesses or for periods when properties are empty. The reliefs are being further extended, so more people are eligible than currently claim.
- Research & Development Tax Credits: still believed to be vastly under-recognised, if your company develops new and innovative ways of doing a wide range of things, then you may be eligible for substantial tax reliefs. Well worth checking for all manufacturing businesses, as well as those more traditionally considered to be involved with research.
- Capital Allowances: As noted in the 5 key changes, it is possible to conduct specialist capital allowance reviews of your commercial premises. We can offer a free review for you for any commercial buildings that cost more than £400,000 when bought (there is no time limit on this – you can still be eligible if you bought your property years ago) or for any nursing homes or hotels. Contact us on firstname.lastname@example.org to ask about this service.
…and finally, the ever changing employment grants continue to evolve, with National Insurance breaks now being introduced for those employing younger people, the apprentice schemes and now a cash allowance for those taking on qualifying employees. If you are recruiting, check whether you meet any of the various criteria.