Originally written by David Redfern on Small Business
When setting up and running a small business, it’s very often “all hands-on deck”, with all efforts focused on the day-to-day running of the business. It is easy, therefore, to forget about areas such as tax relief which don’t come under the daily management of your business. However, forego these tax breaks and you could miss out on ways in which you can make your business more efficient and competitive.
A number of tax breaks are applicable to small businesses, some which are industry specific and some which are generally applicable to all SMEs.
If your business meets the HMRC-qualifying criteria, these tax breaks could significantly lower your tax bill, making your business more profitable and efficient with little extra effort on your part.
The following tax breaks are available to SMEs so let’s take a look and see if your business could be eligible:
Employment Allowance
If your business has employees which you pay through PAYE, Employment Allowance is worth up to £3,000 off your employer’s Class 1 National Insurance bill per tax year. It reduces your employer’s National Insurance bill each time you run your payroll until the £3,000 is used up or you reach the