When running a business, it is important that you have a good understanding of finance. You need to understand the tax implications and potential ramifications of every move you make. When you work for yourself, efficient management of your tax affairs is essential. A knowledgeable accountant can help you minimise your tax liability and successfully manage your cash flow. Furthermore, they can help maximise your opportunities to expand and increase revenue. We can help with this and more through our work such as services for tax returns in London.
We specialise in helping our clients find the most tax efficient way of operating their businesses. Forming a new business is challenging and exciting. But, without professional guidance it can be easy to miss out on potentially beneficial opportunities. The majority of entrepreneurs do not have specialist knowledge of accountancy. This often results in businesses depriving themselves of the many available tax breaks. It is our role to help you successfully save money to reinvest in your business.
There are several tax breaks that business owners often overlook. This includes those such as The Business Premises Renovation Allowance. The BPRA was introduced in 2005 with the aim of bringing unused and derelict properties back into use. Businesses get an initial allowance of 100% for expenditure. This is for the conversion or renovation of unused business premises in assisted areas.
This was originally available for a period of five years to April 2012. There was then a five year extension for the allowance. This means that any business wishing to claim an allowance under BPRA must do so before April 2017. For a building to qualify for the allowance, it must be a commercial structure. In addition, it must have been unused for five months and be situated in a disadvantaged area.
The major benefit of the scheme is that it offers small to medium enterprises a tax break. A business can be eligible for 100% tax incentive on any renovations that they carry out. This is as long as the building in question qualifies. The scheme presents great opportunities to increase your commercial space and expand your business model. This allows you to bring an abandoned building back to life.
We can advise you on this and any other possible avenues for optimising your tax efficiency. You can call on our establishment for a number of services. This includes assistance with tax returns in London and more. So, give Brian Lonis & Co a call now. We would be happy to tell you more about our services and answer any of your questions.