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How Tax Advice could help your clients' businesses recover

Help boost clients business recovery with Tax Advice & Consultancy!

The last 18 months have been seriously tough for businesses. And while it might feel as though we’re finally moving towards the road to recovery, we must not get ahead of ourselves. There are still huge challenges to overcome. In the meantime, there are several ways your clients can give their business a boost, through the use of tax advice and consultancy.

For our DTX’ers, we know they are always looking for ways to offer the very best service to their clients. And with the year we’ve just had, what could be better than helping clients' businesses to recover with some much-needed cash injections and valuable tax savings?

But the truth is business owners don’t know the different tax advice and consultancy options that they should be considering. You might even be thinking, it’s hard to get your head around exactly what should be consider. Well, don’t worry we have your back. Check out the infographic below:

We’ve outlined the basics in this handy blog post - and DTX’ers will find all the detail and resources in their Covid Tax Relief Toolkit:

  • R&D Relief: Tax relief of £33 for every £100 spent on the development of products, services or processes to overcome technological challenges.

  • Innovation Reliefs - Creative Tax Reliefs: Tax relief of £45 for every £100 spent by businesses directly contributing to the production and development of films, high end TV, kids TV, animation TV, video games, theatre production, orchestral concerts and/or museum/gallery exhibitions.

  • Patent Box: If a business owns patents that are making a profit, this tax relief could help to reduce their business corporation tax.

  • Capital Allowances: Opportunity to make a business corporation tax saving on assets.

  • Capital Acquisitions & Disposals: Opportunity to claim tax relief on tax previously paid following the sale of an asset within the last three years.

  • VAT: Opportunity to improve cash position by recovering VAT faster.

  • Tax Deferral: Opportunity to defer the payment of tax money owed to HMRC, or arrange a more manageable repayment schedule.

  • Business Exit: Business that are at risk of shut down within the next three years should ensure their business structure is as tax efficient as possible.

  • Losses: Opportunity to carry back losses to improve cash flow or reclaim corporation tax previously paid.

  • Future Tax Planning: To ensure access to favourable tax reliefs in the future, businesses must remain trading or show that they intend to continue trading. For businesses with an EMI share scheme, furloughed staff can continue to receive their shares.

  • Tax Efficient Funding: Some businesses can obtain funding from private investors, in turn giving the investor favourable tax relief of up to 50% for their investment.

With everything else that business owners have to think about, tax advice and consultancy won’t even enter their minds as an option to get money back into their business.

DTX’ers, log in now to download the updated resources in the Covid-19 Tax Toolkit and start helping your clients’ businesses recover from Covid-19 today.

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