Billions of pounds of tax relief go unclaimed each year, according to research. Business owners like you are missing out on potential savings, don’t be one of them.
To make the tax system fairer and to incentivise certain aspects of business, such as research and development projects, 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, start searching!
It is also essential to be proactive when claiming tax reliefs – ensuring that you submit claims and details of the relevant activities, projects and work that qualify for these reliefs and allowances.
As many businesses do not seem to know what help is available, the following go unclaimed:
- £830 million in Pension Tax Relief
- £84 billion in Research and Development (R&D) Tax Credits
- £80 billion in Capital Allowances
- £168 million in small items not expensed by small and micro businesses
While managing claims for these tax reliefs and allowances can create time-consuming tasks, it is crucial. Furthermore, a systematic tax audit by a team of experienced advisers can simplify the process for you.
You could even still be eligible for unclaimed allowances and tax reliefs from prior years or for upcoming R&D based projects!