Research conducted by Thomas Reuters, the multinational Canadian media conglomerate, revealed that the value of tax relief claimed in the UK was estimated to £105.3bn, £5bn more than the previous year 2020-2021.
This estimated cost by HMRC is a combination of 58 distinct tax relief schemes available for UK companies. With the ongoing economic downturn in the UK, corporates are viewing these tax breaks as attractive options, especially since they are preparing to be taxed more next year.
The government announced that starting from April 2023, companies that make profits over £50,000 annually will pay 25% instead of the 19% they are currently paying.
It’s more important than ever for business owners to adequately understand their financial position and explore options for tax relief with their accountants. If companies were late to file their taxes or made errors in the process, this will raise many red flags for HMRC. And a tax investigation/audit is the last thing the UK taxpayer needs in 2023. We understand that it’s such a challenging time to be a business owner, but we can help you overcome this hurdle.
We have a team of expert accountants with a total of 150 years of professional experience within the accounting and taxation domains. We are always looking for legal ways that can help our clients reduce their tax liabilities. If you are looking to build a solid tax plan for 2023, and potentially reduce your tax liabilities, get in touch with us by booking a discovery call.
Book a discovery call to have reduced tax liabilities in 2023!
