If you are spending money (and let’s face it, every business needs to spend money in order to make money), you need to ensure that you are claiming all applicable tax relief in a timely manner. The current 2022/23 tax year, which began 6th April 2022, will end on 5th April 2023. The following day, 6th April 2023, will see the start of the 2023/24 tax year, so now is the perfect time to make capital investments in software, equipment, plant and machinery, and anything else that will optimise your business. 

Invest in business-critical resources now 

Capital allowances can be claimed on a wide variety of purchases, such as equipment, machinery and business vehicles. As well as helping to make your next corporation tax bill as low as possible, this also drives improvement and innovation within your business by taking the time to analyse what you need to deliver the very best service and empower your teams. 

Ask us about R&D tax relief 

If your business carries out any kind of research and development, even if it doesn’t reach the desired results, you should be entitled to R&D tax credits. So many businesses fail to claim this form of tax relief, which is why we created this free guide that explains how it all works. 
In a nutshell, the R&D tax credits scheme allows a business to claim back 33% of the money it invests into research and development projects. R&D doesn’t just apply to products, as it can also be in the form of creating innovative new services, processes, machinery or software. If you’re entitled to R&D tax relief, the money is paid to your company either as a cash sum or a reduction of your corporation tax bill, which can make an enormous positive difference to your cash flow and profit margins for the tax year. 

Request your FREE budget template 

The key to sustainable business growth is remaining in control of your finances. In doing so, you can clearly see how much money you have available to invest in new staff, systems and technology, as well as manage your cash flow so that there are no nasty surprises along the way. This is easier said than done, unless of course you use one of our budget templates. 
We’ve designed our budget template so that it’s easy to fill in, amend and check whenever required. By having a structured budget in place, your day-to-day operations will run more smoothly and you can make key business decisions with confidence. Get in touch today to request your budget template completely free of charge. 

Cash flow is king 

Last but certainly not least, as a business owner you need to have a tight grip on your cash flow to ensure that funds are always available for paying bills, wages and unanticipated investments. 
Here at TreyBridge, our role is to support you through the highest standard of cash flow management, budgeting and forecasting, credit control and business advisory. If you want to start the new tax year with a better understanding of your financial numbers, get in touch with our tax consultants and business advisors today. 

Reduce your tax bills with TreyBridge 

If you’re interested in saving as much money as possible before the current tax year ends, as well as accessing expert advice on how to make the next tax year as profitable as possible, call our Northern office on 01482 235575, our London office on 0207 885 0605, or fill in the contact form below. 
Tagged as: Tax & Expenses
Share this post:
Our site uses cookies. For more information, see our cookie policy. Accept cookies and close
Reject cookies Manage settings