December is now well underway, so here is our annual tax take on the 12 Days of Christmas with our twelve top tax tips for 2019:
- Make sure that your company isn’t one of those identified in recent statistics issued by HMRC as missing out on valuable R&D tax credits. Not sure whether you qualify to make a claim? - Why not download our eligibility checklist and find out in 11 simple questions if you might be able to claim, or speak to a member of our Radius team.
- At this point in the year, business owners often consider ways to reward their employees for all their hard work over the past year with Christmas gifts. Find out what gifts can be given to your team tax free.
- Why not make 2020 the year to turn tax into an opportunity, rather than an endurance? Let's start talking about how you can save tax.
- You might have heard about the changes in IR35 rules, coming into force in April 2020 - be prepared in advance, if this affects you.
- Businesses generating profits from patented products or processes can pay less tax, utilising the effective tax rate of 10% – talk a member of our Radius team if you think this might apply to you.
- If you have a March year end and do not think you are maximising your claim for R&D tax relief or patent box – CONTACT US NOW – the deadline to claim relief for the 31 March 2018 year end expires on 31 March 2020 – so it isn't too late to claim if you speak to us now.
- Shorts' Radius service helps businesses claim their full entitlement to Government backed tax reliefs for innovation. If you pay technical staff to solve technical problems, then make sure you don't miss out in 2020. View here to learn more.
- Time is running out for businesses looking to claim Annual Investment Allowances or certain Capital Allowances, as rates are due to change in the very near future. Careful planning can ensure you do not miss out.
- With changes to Entrepreneurs' Relief looking inevitable, business owners looking to sell in the short to medium term should seek advice to see how the changes will affect them.
- People often choose to set up an LPA when they are writing their will. Why not take a look at this, as one of your New Year's Resolutions for 2020?
- As the year draws to a close, individuals looking at potential exit routes may use the New Year to look into this in more detail. If you'd like to learn more, why not register your place at our free seminar in February 2020?
- The beginning of the new year is a great time to look at things with fresh eyes. If you're looking at improving your business efficiency, why not take a look at whether Xero could be the answer?
Here to help
Our dedicated tax planning team regularly help clients with capital allowance queries. If you require any advice, then begin your journey with us today; drop us a line and let's start talking about how we can save you tax.
Other recent articles:
Tags: Business Taxes
