More than 1,000 tax reliefs and allowances are available to businesses and individuals in the UK, whether as incentives to act in certain ways or to make the tax system fairer.
Crucially, to benefit from these reliefs and allowances, you:
- might need to tweak your activity or business operations;
- usually need to be pro-active in claiming them;
- need to be aware of the tax relief in the first place.
This could explain why it is estimated that tens of billions of pounds of tax relief goes unclaimed in the UK each year, including:
- £830 million unclaimed pension tax relief
- £84 billion unclaimed R&D Tax Credits
- £80 billion in unclaimed Capital Allowances
- £168 million of small items have not been claimed in expenses by small and micro businesses
Could you or your business be amongst those paying more tax than legally required?
Piecing together the tax reliefs and allowances you are entitled to for maximum benefit requires careful a careful tax audit by experienced advisers with a deep knowledge of the UK’s complex tax system and the experience to advise you on the simple changes you can make to qualify for even more.
You could even find that you can still claim unused reliefs and allowances from previous years, giving you a welcome boost in challenging times.