HM Revenue and Customs (HMRC) is encouraging business owners, employers and the self-employed in Sandwell to check online to make sure they are not missing out on a range of tax reliefs and allowances.

HMRC’s new GOV.UK page summarises items that business owners should explore and could help them keep more of what they earn. On the page businesses, employers and the self-employed can find out their eligibility for tax reliefs and financial allowances, as well as how to claim them.

The allowances and reliefs include tax deductible business expenses, research and development (R&D) tax credits, gift aid, business rates relief and employment allowance, amongst others.

Tax deductible business expenses

If you’re self-employed, you can deduct some of your running costs as part of your annual tax return, as long as they’re an allowable expense.

You may be able to claim tax deductible expenses for items including office stationery, insurance, bank charges and even heating and lighting for your office, home office or business premises.

R&D tax credits

 If your company is involved in innovative projects in science or technology you may be eligible to claim R&D reliefs, which can even be claimed on eligible unsuccessful projects.

Gift Aid

Companies (and unincorporated associations) can claim tax relief for qualifying donations paid to charities (bodies or trusts accepted as charities for UK tax purposes).   

Business rates relief

Some properties are eligible for discounts from the local council on their business rates.

Corporation Tax relief

You can deduct the costs of running your business from your profits before tax when you prepare your company’s accounts. This could include things like buying machinery or tools that you use for your business.

Employment allowance

If your business employs people you may be able to claim employment allowance which allows eligible employers to reduce their annual national insurance liability by up to £5,000.

Pre-Trading expenses

If you are in the process of setting up a new business, you may be able to claim back some of the expenses you incurred before you started trading through your first tax return.

Reclaiming VAT

If you are a VAT registered business you can reclaim VAT on qualifying goods and services you buy for use in your business.

For people who need to complete a self assessment return, HMRC’s business advice page  provides simple links to support and guidance available, including: 

• An online tool to check if you need to complete a tax return
• What documents you need to complete your Self Assessment
• Payment options 
• Links to a range of support for people who are worried about paying their tax bill to access help.

Additional online tools and guidance are available to help people check if they are eligible for each service – as well as extra support to guide you through the application process.

To download the free HMRC app visit the App Store or Google Play and follow the download and set up instructions from there.