Tax breaks are reliefs and allowances that reduce the amount of tax a business has to pay, or delay when it has to pay it, helping to keep money in the business. They can be especially useful for start-ups and small to medium-sized companies. If you have been looking for ways to save money for your business, don’t miss out on these opportunities. Read on to find out more.
Get Professional Advice
Before looking at what tax breaks are available, I recommend that you hire a bookkeeper or accountant who can advise you on what opportunities are available and which would suit your business. They can also help make sure there are no mistakes with payments that could leave you paying interest or penalties for late payment.
Small Business Rate Relief
One of the best-known reliefs is Small Business Rate Relief (SBRR), which reduces the business rates paid on the premises you occupy. In England, you may be eligible if your business uses only one property with a rateable value of less than £15,000, with full relief for properties with a rateable value of £12,000 or less. If you use more than one property, you can still get relief if each of your other properties has a rateable value below £2,900 and the total rateable value of all your properties is less than £20,000. Different schemes apply in Scotland, Wales and Northern Ireland.
Bonded Warehouses
If your business imports goods that need to be stored, a bonded warehouse may help. Customs duty and import VAT on goods held in a bonded warehouse are suspended until the goods are released, which can free up cash flow, and goods that are re-exported may not incur UK duty at all. Gaina provides Bonded Warehouse Management Software which helps ensure everything is done as efficiently as possible and that your goods are kept safe before they are sent to their final destination.