There are many business tax advantages you may not be aware of. As a business owner, you know that keeping tax costs low is essential. Organised book and a good accountant ensure you only pay what you owe and are not stung with a huge tax bill. Alongside saving money on tax there are some tax incentives that could help you make money too, to finance your next expansion or to put a cash injection back into your business.

Tax Rebates You Could be Entitled To:

If you have paid tax over the last few years, the chances are you are entitled to a tax rebate, especially if your books span multiple accounting years.

You could be entitled to a:

  • PAYE tax rebate, if you’ve left paid employment and started your own business
  • A uniform tax refund, if you wear a uniform to work
  • A non UK resident tax refund if you’ve lived in or left the UK in the last 5 years
  • A mileage tax refund

The list is almost endless. This information sheet shows you just what tax refunds you could be entitled to.

It’s quite easy to claim a tax refund if you are entitled to one. There are tax rebate companies waiting to do the hard work for you. You can also use online tax calculators to find out how much you’re owed, and to discover the amount you could claim for certain tax years.

Paying tax is all part of running a business but to preserve your business model you need to make sure you’re not paying too much. Tax rebates can help you claim back what you’ve overpaid and allow you to take advantage of the most recent tax incentives.

Research and Development Tax Credits

Tax credits are different as you don’t need to pay tax to earn them. If your business is in the research and development sector, or if you’ve spent money on research and development, you could be entitled to a R&D tax credits. These are not to be sniffed at. The credits can be worth tens of thousands of pounds which can make the difference between success or failure of your business.

This informational blog tells you all you need to know about research and development tax credits.

You can easily apply for research and development tax credits or you can appoint a person to apply on your behalf. The process can be quite lengthy but every person who has received tax credits believes it’s worth it. Those in the research and development industry have enjoyed tax credits of over $30,000 making this a worthwhile credit to pursue.

It’s important to keep up to date with the budgets and to analyse tax changes to ensure you never pay too much. Alongside this, keep an eye on tax credits that could help boost your business.

New Australian Resident Tax Rebates

If you’ve moved to Australia from the UK, you are probably entitled to a tax rebate. Don’t let this refund slip away as it could help you set up a new business or afford some extra luxuries as you settle in.