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As a small or medium sized business owner, there are a range of government support schemes you can access this tax year, to help you invest and grow in 2022/23.
1. Employment Allowance – £5,000 claim for employers NI Employment Allowance is a tax relief that allows eligible businesses to reduce their employers NI contributions by up to £5,000 this year. You can claim this if you are a business or charity and your class 1 NI liabilities were less than £100,000 last year. You must have at least one employee on your payroll paid above the Class 1 secondary threshold (unless that single person is the Director). You must do at least half of your normal business outside of the public sector. Find the full eligibility criteria at https://www.gov.uk/claim-employment-allowance/eligibility
2. Help to Grow Help To Grow : Digital is a UK wide scheme the helps you choose, buy and implement digital technologies that will help grow your business . Eligible businesses can receive a 50% discount on buying new software worth up to £5,000, alongside impartial advice and guidance about choosing the right software to boost business performance. Help to Grow : Management provides small businesses with a business growth plan. Eligible UK business must have 5-249 employees and have been actively trading for at least 12 months. Details on both Help to Grow schemes can be found at https://helptogrow.campaign.gov.uk
3. Retail, Hospitality & Leisure Relief Scheme Small retailers, hospitality and leisure businesses can benefit from 50% off their business rates bills (England Only). Full details of the guidance available at https://www.gov.uk/government/publications/business-rates-guidance-202223-retail-hospitality-and-leisure-relief-scheme/202223-retail-hospitality-and-leisure-relief-scheme-local-authority-guidance
4. Super-Deduction & Annual Investment Allowance The super-deduction allows businesses to cut their tax bill by 25% for every £1 invested in qualifying machinery and equipment (including computers, commercial vehicles and office furniture) – https://www.gov.uk/guidance/super-deduction. The annual investment allowance allows businesses to spend up to £1m on qualifying business equipment and deduct in-year its full cost before calculating tax profits – https://www.gov.uk/capital-allowances/annual-investment-allowance Both of these tax breaks remain available to companies to take advantage of until the end of March 2023 by incurring qualifying expenditure before then.
If you think you might be eligible for any of these schemes and allowances, we will be happy to talk you through the criteria and the various guidance. Please call us on 01883 730044 email us at oxted@moorgates.co.uk |
