As the New Year dawns, many business owners will be looking to see where they may be able to become more productive and maximise their potential income in 2012. But it's often the basics that are overlooked.
Here, Paul Belsman, Head of Tax for RSM Tenon reveals RSM Tenon's top tips for businesses to become more tax efficient:
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Make your transport greener: switching to 'green' company
cars with low CO² emissions can result in a saving on
tax. Many car manufacturers are now rising to the
challenge of the increased demand for green cars and
there are a variety of 'executive' and even 'prestige'
cars which have low emissions.
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Buy machinery before April: businessescan claim Capital
Allowances when purchasing qualifying items of plant and
machinery. Subject to certain conditions, full tax relief
can be obtained on purchases up to £100,000. But watch
out because from April this year, the allowance is to be
reduced to £25,000, so business owners need to consider
the timing of any new purchases before this reduced rate
applies in order to maximise tax relief.
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Get greener equipment: the Carbon Trust oversees a list
of 'green' equipment for which businesses can claim
Enhanced Capital Allowances. This includes low CO²
emissions machines, screens for refrigerated cabinets,
solar collection systems to heat water, and more
recently, washroom hand dryers. The advantage of buying
this equipment is that, subject to limits on Capital
Allowances, the cost qualifies for full tax deduction
against profits.
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Get online: from April all businesses will have to submit
their VAT returns online and pay their VAT liability
electronically. Any businesses not yet filing their VAT
returns will need to register for online filing as soon
as possible. While we're on the subject, don't forget
that from this year an automatic penalty of £100 will be
automatically issued if a tax return is filed late, and
this will apply regardless of whether there is tax to pay
or the tax due has been paid on time.
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Consider salary exchange: this is becoming increasingly
attractive for businesses struggling to give their staff
a pay rise, and involves employees exchanging part of
their salary in exchange for a benefit which can result
in tax and NI savings. This arrangement is available for
a wide range of benefits from pensions to cycle to work
schemes.
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Maximise capital allowance claims: from April, new
provisions will be introduced to restrict claiming
Capital Allowances on the acquisition of second hand
buildings. This means that property owners should
consider whether they have claimed everything they can on
property acquisitions prior to this date. Those
considering purchasing a new property should seek advice
regarding the timing of this.
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Check if you qualify for tax relief: Research &
Development Tax Credit Relief is potentially available to
businesses involved in technological or scientific
advancements. SMEs will get £2 tax relief for every
£1 spent on qualifying R&D spend, meaning this is one of
the most valuable tax reliefs available to businesses
today.
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Take advantage of Entrepreneurs Relief: this is another
valuable tax relief which could save entrepreneurs up to
£1.8m of tax on the sale of a qualifying business or
asset. Business owners should check with their advisors
whether they can claim for any of the many reliefs that
are available to them.
- Seed Enterprise Investment Scheme - diarise for April: with the relaxation of the conditions for companies to qualify for Enterprise Investment Scheme EIS status, coupled with the introduction of the Seed Enterprise Investment Scheme (SEIS) from April 2012, businesses should find it easier to raise finance in the future. Business owners would be wise to spend their time now reviewing their funding requirements and the qualifying criteria so that they're ready to act in April.
Paul Belsman said: 'It's still tough out there and many businesses are still finding it hard to in the current economic climate. Ensuring that a business is tax efficient and it is claiming all the reliefs it is entitled to, is essential to survival.
'Business owners could potentially be missing out on getting money back from HMRC, and I urge them to talk to their advisors about whether they qualify for the large number of tax reliefs and rebates that are currently on offer.'
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RSM Tenon Group PLC is an independent member of the RSM International network, the 6th largest network of independent accounting and consulting firms worldwide each of which practices in its own right. RSM International is represented by more than 32,500 people working in over 700 offices across more than 80 countries worldwide.
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