Business owners are missing out on billions of pounds of tax relief going underclaimed each year, according to research.

The Government offers more than 1,000 tax reliefs and allowances to companies and individuals in the United Kingdom to make the tax system fairer and to incentivise certain aspects of business – such as research and development projects.

If you are unaware of how you can benefit from the tax reliefs and allowances that are available, feel free to contact us at Seymour Taylor and we can advise you on how to start searching.

When claiming tax reliefs, it is essential to be proactive and ensure that you submit claims and details of the relevant activities, projects and work that qualify for these reliefs and allowances. 

Here are just a few examples of what can go underclaimed when businesses are unaware of the help available to them:

  • £80 billion in Capital Allowances
  • £84 billion in Research and Development (R&D) Tax Credits
  • £168 million in small items not expensed by small and micro businesses
  • £830 million in Pension Tax Relief

Despite seeming time-consuming, it is crucial for businesses to manage claims for these tax reliefs and allowances. Therefore, we highly recommend a systematic tax audit by a team of experienced advisers can simplify the process for you. 

You could even still be eligible for underclaimed allowances and tax reliefs from prior years or for upcoming R&D based projects! 

For help and advice with matters relating to post-Covid recovery, please get in touch with your Seymour Taylor representative or contact us on 01494 552100.

This blog is for guidance only, professional advice should be obtained before acting on any information contained herein. The information was correct at time of publishing on 14 May 2021.

Posted in Blog news.