Subject:                          Tax Update Newsletter December 2014 - Business Tax Saving Ideas

 

 

 

 

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Business Tax Saving Ideas

Here is our pick of the best business tax saving ideas on offer at present...no tax avoidance, no black Friday sales...just legitimate ways to reduce your tax bill.

 

 

Creative Industry reliefs

The Government has slowly been introducing a range of tax incentives to encourage those in the creative sectors to work in the UK, rather than moving to other jurisdictions.

To encourage, actively promote and boost the creative industry in the UK, there are now 5 separate reliefs available for those creating; animations, TV programmes, films, video games and theatre productions.  Click here for more details.

 

Annual Investment Allowance

Currently at its highest level to date (£500,000), this allowance enables businesses to claim 100% tax relief on qualifying capital expenditure in the year of purchase rather than spreading over the asset’s lifetime.

Carefully planning the timing of expenditure could secure significant savings before this relief is reduced.  Click here for more details

Research & Development Tax Relief and Credits

This relief continues to get even more generous with increased benefits announced in the Autumn Statement demonstrating just how keen the Government is to promote and reward R&D efforts.   Not only can tax paying businesses save cash on their tax bill, loss making companies can exchange some of their losses for a cash payment and HMRC are even offering services to help you with your claim. 

To qualify you do not need to be wearing a lab coat or creating blue sky innovation, small appreciable advances often qualify.  Click here for more details.

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