Taxes are a taxing part of everyday life. And entrepreneurs in the startup phase need to know the circumstances in which they can possibly reduce their taxes. For details specific to your personal circumstance it’s advised to consult a tax accountant. A good accountant will save you more than they cost and spare you the stress of doing your taxes
In the meantime, find out if the following tax credits, reliefs and incentives apply to you.
Purchase of equipment for business use
Research and development tax reliefs
R&D tax relief is a Corporation Tax relief which can either reduce your company’s tax bill or for some small and medium businesses provide a cash sum. It was introduced to promote investment in innovation and any business that invests in research and development can claim an R&D tax credit.
Enterprise Investment Scheme
The Seed Investment Scheme
Having read about these reliefs, you will now have a basic understanding of how you can pay less tax. We hope this enables you to discuss your specific business circumstance with your local startup accountant in Welling, Kent.