Top tips – claiming tax credits for your small business

It’s mid-September already! The weather seems to be turning and we’re heading into autumn at an alarming rate.

This month’s tips are all about making the most of Government schemes to get money back on your tax bill – known as tax credits.

 1 – You might be eligible for Research & Development tax credits if you have created anything new. You might have tweaked a CRM system to fit your needs, for example. There are some good guidelines in HMRC’s online guide here but the general rule is to claim sooner rather than later to make sure you benefit

2 – Creative industries tax credits are less well known and apply to a fairly narrow group of businesses – theatre companies, orchestras, companies making films, animations or video games. You can get money back on the development time you invest. Again, the HMRC guide is pretty clear and don’t wait until your year-end to claim

3 – If you buy plant or machinery you should be entitled to money back via the Annual Investment Allowance. We’ll sort this out in your year-end accounts for you if it applies

If you think you will qualify for any of these tax breaks do give us a call and we can talk through your situation and put you in touch with a specialist if necessary

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