Every year, billions of pounds of tax relief goes unclaimed, with businesses missing out on potential savings.
There are more than 1,000 tax reliefs and allowances available to businesses and individuals in the UK, both as a way to make the tax system fairer and to incentivise certain aspects of business, such as research and development projects.
To ensure that you benefit from the tax reliefs and allowances that are available, you first need to be aware of them. You must also be proactive in claiming them, ensuring that you submit claims and details of relevant work, activities and projects that qualify for tax reliefs and allowances.
Because of this, hundreds of billions of pounds of tax relief goes unclaimed every year in the UK, including, but not limited to;
- £830 million unclaimed pension tax relief
- £84 billion unclaimed R&D Tax Credits
- £80 billion in unclaimed Capital Allowances
- £168 million in small items not expensed by small and micro businesses
Organising claims for the tax reliefs and allowances that you are entitled to can be time-consuming, but a thorough tax audit by a team of experienced advisers can simplify the entire process.
It may be that you have unclaimed allowances and tax reliefs from previous years that you are still eligible for, or that there are projects that you are planning to undertake that may qualify for R&D Tax Credits.
Contact our expert team at Knights Lowe today to find out what tax reliefs and allowances you and your business may be missing out on.