HM Revenue and Customs: Claiming tax relief

24th November 2014

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Do you know that tax reliefs and allowances could help save businesses money?

Whether they are thinking of investing or buying assets for their business, or simply thinking of employing someone, there may be a tax relief or allowance that they are entitled to.

Here are some examples of what they might be able to claim tax relief on:

Employment Allowance is for nearly all employers that pay Class 1 National Insurance contributions (NICs) on employees’ and directors’ earnings. NICs paid for their employees can be reduced by up to £2,000.
Research and Development Relief will help with the cost of wages of people employed on research & development activity
Annual Investment Allowance can be claimed for capital expenditure incurred on most items of plant and machinery, including vans and computers
Capital Gains Tax Entrepreneurs' Relief may mean only paying 10% tax on qualifying assets
Disposal of some types of business assets, which need replacement, may be suitable to 'roll-over’ or postpone payment of any Capital Gains Tax that would normally be due
Reduction of business’ tax bill to take account of money spent on assets by claiming Capital Allowances
There are more reliefs and allowances your members could benefit from on the BIS GREAT website.

The supportive content of the links in this email will be of great value to your membership –circulate as widely as possible.

Concerned about the validity of this or any emails from HMRC? Please see Genuine HMRC Contacts for more information.

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