Knowing which taxes your business is liable for can feel a bit overwhelming, which can result in you not recognising opportunities to save on tax.<\/p>\n
If you have a limited company or a foreign company with a UK branch, you will be liable to pay Corporation Tax on any profits.<\/p>\n
Clubs or unincorporated associations should also report and pay Corporation Tax.<\/p>\n
With the new Making Tax Digital requirements, it is easier for businesses to track their finances and any tax due; however, there is still the possibility of missing out on tax reliefs.<\/p>\n
Luckily, our experts have highlighted some of the key reliefs that your business could claim:<\/p>\n
Capital allowances <\/strong><\/p>\n You may be eligible to claim capital allowances on any assets that you buy for your business, such as machinery and equipment (including business vehicles).<\/p>\n Other business costs, including running costs, items that are bought for trading purposes, and interest payments can be claimed as business expenses instead.<\/p>\n Research and Development <\/strong><\/p>\n Businesses that opt to seek innovative ways to reform the science and technology sectors could claim tax reliefs, even if the project is unsuccessful.<\/p>\n For these research and development (R&D) projects, they must aim to influence change in the field overall, rather than just impacting the individual business.<\/p>\n Dependent on the size of the business, you may be eligible to claim these R&D reliefs:<\/p>\n