Calling all SMEs and micro businesses; are you fully aware of the tax reliefs which are available to you? If you’re not then you aren’t alone. A survey carried out on behalf of Direct Line for Business has revealed that nearly half of UK SMEs have a very poor understanding of tax reliefs which may be available for their business and 66% don’t know if they are eligible for the reliefs which are available.
Tax breaks on offer include entrepreneurs relief, enterprise zone relief, capital allowances, corporation tax marginal relief and small business rate relief. When you add in other measures such as the recent change to the treatment of dividends it’s not surprising that according to Direct Line for Business some 3.5 million SMEs could be missing out on tax reliefs amounting to millions of pounds.
Commenting on the findings Nick Breton, head of Direct Line for Business said he would encourage SMEs “to do some research and seek help if necessary to make sure they are taking full advantage of the benefits.”
If you would like to speak to a tax adviser about taxation for SMEs, please contact Newshams Tax Advisers on 0800 211 8657 or email us at firstname.lastname@example.org.