Understand the tax reliefs and allowances available to your business
New HM Revenue & Customs (HMRC) guidance page summarises the range of tax reliefs and allowances available to businesses, employers and the self-employed
HMRC is encouraging business owners, employers and the self-employed in Northern Ireland to check online to make sure they are not missing out on a range of tax reliefs and allowances.
One page summary of all tax reliefs and allowances
HMRC’s new page on GOV.UK summarises items that people running their own business should explore and could help them keep more of what they earn. At just one click, businesses, employers and the self-employed can find out their eligibility for tax reliefs and financial allowances, as well as how to claim them.
Tax deductible business expenses
- If you’re self-employed, you can deduct some of your running costs as part of your annual tax return, as long as they’re an allowable expense.
- You may be able to claim tax deductible expenses for items including office stationery, insurance, bank charges and even heating and lighting for your office, home office or business premises.
Research and Development (R&D) tax credits
- If your company is involved in innovative projects in science or technology you may be eligible to claim R&D reliefs, which can even be claimed on eligible unsuccessful projects.
- Companies (and unincorporated associations) can claim tax relief for qualifying donations paid to charities (bodies or trusts accepted as charities for UK tax purposes).
Corporation Tax relief
- You can deduct the costs of running your business from your profits before tax when you prepare your company’s accounts. This could include things like buying machinery or tools that you use for your business.
- If your business employs people you may be able to claim Employment Allowance which allows eligible employers to reduce their annual National Insurance liability by up to £5,000.
- If you are in the process of setting up a new business, you may be able to claim back some of the expenses you incurred before you started trading through your first tax return.
- If you are a VAT registered business you can reclaim VAT on qualifying goods and services you buy for use in your business.
Business rates relief
- Please note: The guidance on business rates relief on GOV.UK is for businesses based is England only. Businesses in Northern Ireland can find rates relief for non-domestic property in our guidance on help available for business rates.
Read HMRC's one page summary on tax reliefs and allowances for businesses, employers and the self-employed.
First published 14 October 2022