How businesses can make the most of tax reliefs

Tax reliefs are a great way for businesses to reduce their tax bill and free up some extra cash. However, many businesses are not taking full advantage of all the reliefs available to them.

Some of the most common include research and development (R&D) tax credits, capital allowances and business rates relief. Each of these reliefs can help businesses to save money and invest in growth.

However, it is important to ensure that you are claiming the right relief for your business. For example, R&D tax credits are only available for businesses that are undertaking innovative projects in science and technology. The project may research or develop a new process, product or service or improve on an existing one.

Capital allowances can be claimed on a wide range of assets, including machinery and equipment. Businesses may be eligible for small business rates relief if they occupy premises with a rateable value below £15,000.

By taking advantage of the available tax reliefs, businesses can boost their bottom line and invest in their future growth.

Tips for tax relief

Here are five tips to help businesses make the most of their tax reliefs:

1. There is a wide range of tax reliefs available, and it is important to make sure you are aware of all the options open to you.
2. Take advantage of any carry-back or carry-forward rules that may apply. These can help you to maximise the benefits of your reliefs.
3. Make sure you keep good records so that you can evidence your claims. This will help to avoid any problems with HMRC in the future.
4. Use specialist software to help you calculate your reliefs accurately. This can save a lot of time and hassle in the long run.
5. Seek professional advice if you are unsure about anything. An accountant can help you to make the most of your reliefs and minimise your tax bill.

McKenzies Accountants can help grow your business

If you’re looking to reduce your tax bill, it’s worth taking a look at the different tax reliefs available to businesses. McKenzies Accountants can help you make sure you’re making the most of these reliefs and getting the most value for your money.

Contact us today for a free consultation and find out how we can help you save on your taxes.

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