Small Businesses


Taking advantage of the available tax breaks can be a very effective way for small firms to boost their finances. However, many business owners do not know what options are out there. These are three tax breaks to look into:

Employment Allowance

This is available to any small firm that employs staff and pays their wages via PAYE. It has the potential to reduce your bill for Class 1 National Insurance by up to £4,000 a year, so it is worth finding out if you are eligible for it. You can do so by speaking to a quality small business accountant in South Yorkshire or whatever region you are based in.

Small Business Rates Relief

Should the building that your business operates out of have a rateable value below £15,000, it will render you eligible for Small Business Rates Relief. Furthermore, if the rateable value of the business property is under £12,000, you will be exempt from business rates payments entirely.

Annual Investment Allowance

This tax relief can be claimed on items you have invested in for the sake of your business – for example, pieces of machinery needed to improve your operations – with the value of these deducted from pre-tax profits. It cannot be claimed on items that you have been gifted or on property such as company cars, but it is worth investigating.

At Adaptive Accountancy, we have years of experience in helping small firms with tax relief. Call us today to learn more.

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