A Beginners Guide to Claiming Tax Relief

1. A Beginners Guide to Claiming Tax Relief If you ask anyone if they enjoy doing their taxes, you’ll probably get an eye roll, a smirk, maybe a sarcastic little snigger. It’s not one of the most enthralling tasks you can get stuck into by any means,however, they have to be done. Being aware of our taxes, what we’re paying and why will set us up in good stead for the future. You may be eligible for tax relief and so many people out there are oblivious to that, they don’t know that they could actually be claiming tax relief or be eligible for a lot of incentives. If you’re under 75, have UK earnings that are subject to income tax for the tax year and are a UK resident for some of that tax year, then you may able to claim some form of tax relief. You may also be able to earn research and development tax credits. Tax relief, in layman’s terms, just means that you pay less tax if you’ve been spending on money on business items or are self-employed, (these can be notebooks, pens, printing paper if you’re a writer, photographic equipment if you’re a professional photographer or even things like petrol or travel expenses). Tax relief can also mean you can sometimes get tax money back or get it repaid in something like a pension fund. If you’re self-employed and you’re completing some form of tax return, then you can also include things such as business premises, stock, material, business insurance, items for marketing purposes and clothing, legal and finance costs are also covered and so is staff costs and subscriptions. Your company can receive tax relief if you have committed to some pioneering new idea, come up with something

2. innovative or are carrying out research and development, as that could earn you research and development tax credits. To be put simply, research and development tax credits (also known as R&D credits) are a UK incentive designed ideally to get more companies to invest in research and development. Companies can claim and sometimes substantially reduce their tax bills or claim and collect the research and development tax credits as part of the scheme. When you’re first thinking about the long winding tax information packed road ahead though, trying to avoid any metaphorical roadblocks can be very daunting to say the least. So, here’s a few things you could try if you’re a relatively new addition to the wide world of taxes and everything is getting a little confusing; 1. Do Your Research Doing extensive research is always so important with anything, but, taking some time to really get to grips with the tax system, what your business is entitled to and how you can go about claiming tax relief if you’re eligible is so vital, especially in today’s climate. Knowledge is power and once you are equipped with that knowledge, then you can really get yourself in gear and think about where you ideally want your business to go from here. As noted earlier when talking about the research and development tax credits, a lot of people would have been unaware of them or what the importance of research and development was for their business. It is therefore imperative to do some research into what exactly you could be claiming for, what you’re entitled to and what you could possibly be doing to enrich your own ideas and creations within your business. You’ll feel a whole lot clearer about the situation in the long run! 2. Make Listsof Things You Could Deduct Tax From There are lots of things that you can deduct tax from, and not everyone knows about some of them. It’s worth reading up on the matter, but, once you’ve followed step one and completed your research, it’s a good idea to make a list of things you could possibly include and deduct. As mentioned before, this can everything from office supplies to business space. Have a real think and note down anything you can think of, that means you are more prepared and focused, it will help you understand and not leave anything out that may be potentially important. Getting organised is vital and the earlier you do this, the better equipped you feel, the clearer your plan of action will be. It’s also important to jot down whether you think you

3. fit into any other criteria, take a real hard look at sites which offer eligibility checks and tax information help (there’s a great one we will be name dropping in the next step, never fear), see their requirements and write down anything that may be relevant. You may have carried out some extensive research and development but not even realised that it qualified. 3. Sign up to Areande Sites like Areande are great for beginners, intermediates and tax pros. The site is simple, though, so if you’re struggling a bit in the confusing big, bad world of tax, Areandeis an excellent alternative. The online staff are friendly and there’s always help about for when you’re feeling a little out of depth and a wholelot of confused. You can easily check your eligibility and see exactly how you qualify for tax relief or what next steps you need to take to change your situation. Areandehave lots of helpful blogs and tips on the site too which detail the criteria you need to fit to claim tax relief or to partner with them. It also helpfully sets out what kind of research and development your company needs to be doing in order to claim tax relief. For more information and to check your eligibility for tax relief today, visit the site at https://www.areande.com.