Some may confuse tax breaks with not paying tax, but tax breaks are actually the government’s way of helping keep the economy moving, by letting businesses defer tax payments so they can spend more money on their business. This is especially the case for start-up businesses and small to medium sized companies. If you have been desperately looking for ways to save money for your business, don’t miss out on these amazing opportunities to put off your tax payments. Read on to find out more.
Before I go into what tax breaks are available to you, I recommend that you hire a bookkeeper or accountant who can advise you on what opportunities are available and what would be best suited for your particular business. They can also help make sure that there aren’t many mistakes with payments that can cause you to have to pay interest if they are late.
The top tax break available to you is the ‘Small Business Rate Relief scheme (SBRR)’. The Government introduced this scheme in 2005 so that small businesses wouldn’t have a hard time paying for the premises they occupy. If your business has one property that is worth less than £15,000, or one main property and other properties that have a total value under £20,000., you are eligible for this relief.
Next, if your business requires distribution of goods, and your stock needs to be stored in warehouses, use bonded warehouses. They are duty free, effective for distribution and free up cash flow. Gaina provides a Bonded Warehouse Management Software which will ensure that everything is done as efficiently as possible, and that your goods are kept safe before exportation to the final destination.