Increasing cash flow and being tax-efficient are usually near the top of every small business owner’s agenda. One way to achieve both these aims is to take advantage of the various tax incentives available to businesses.
However, small businesses often miss out on these tax breaks because they either don’t know what they’re entitled to, or can’t find the time to make a claim. So to help you save time and money, here are five tax incentives and tax relief opportunities small businesses can take advantage of; (more…)
The Enterprise Investment Scheme (EIS) is designed to help smaller, risky businesses raise funding to fuel growth.
Early-stage businesses can find it difficult to secure investment, so the EIS was set up to encourage more investors to back fledgling businesses by offering generous tax-breaks.
To help you see whether the EIS could help you raise funding for your business, we asked award-winning chartered tax adviser, Jonathan Amponsah CTA FCCA to explain how it works. (more…)
Cash flow is arguably one of the most important parts of managing your small business. So any tax incentives, or potential tax relief opportunities which are available should always be grabbed with both hands.
But then, you often hear stories about how great these incentives and reliefs are, only to find that there are lots of conditions and qualifying factors, which mean you can’t actually benefit from them.
Thankfully, Research and Development tax relief isn’t like that. As long as you are genuinely investing in R&D projects, there’s a great opportunity to cut your corporation tax bill, or even get tax credits from HMRC in the form of an actual cheque!
So, what do you need to know about Research & Development Tax Relief Incentives? (more…)
Changes are coming to the way benefits in kind are taxed – employers and employees should prepare themselves for the future.
Millions of British employees receive ‘perks’ from their employers: ‘benefits in kind’ (BiK) which include anything from childcare vouchers and mobile phones, to medical insurance and company cars.
Whether administered in addition to an employee’s cash remuneration, or as part of a salary sacrifice arrangement, these benefits may or may not be taxed, and may exempt employers from their National Insurance Contribution obligations.
By saving on income tax and NIC for employees (and NIC for employers), salary sacrifice schemes have, until now, represented a ‘win-win’ arrangement for British businesses. However, things are about to change. (more…)
To help small business owners and company directors stay up to date with all the various tax rates, thresholds and allowances that might be needed for tax calculations, here is ByteStart’s summary of the main tax rates, tax bands, and tax allowances for the tax year from 6 April 2015 to 5 April 2016.
With the plethora of tax rates, thresholds and allowances changing every year, here is ByteStart’s summary of the main tax rates, tax bands, and allowances for the 2014/2015 tax year. We focus on the figures that are of relevance to business owners.
When you buy certain new equipment, invest in buildings or research and development, you can deduct a proportion of the cost from your taxable profits and reduce your business tax bill, through Capital Allowances.
Capital Allowances take the place of commercial depreciation, which is not allowed for tax. Using them effectively can be a huge boost to your business, especially if you need to invest to fund growth.
Here’s a look at the main elements of the various capital allowances schemes and how your business can qualify to take advantage of them. (more…)