Running your own business? ♀️ You already know the bills pile up! But did you know there are sneaky little ways to give yourself a tax break? ✨
From ISAs to business rates relief, capital gains to creative industry perks — here’s your go-to guide to claim all the tax reliefs and allowances you deserve before the clock resets on April 5th! ⏳️
Personal Tax Reliefs & Allowances
1️⃣ ISA Allowance
You’ve got an ISA allowance of £20,000 for both the 2024–25 and 2025–26 tax years!
Save or invest — and watch your money grow tax-free! But remember: use it or lose it by April 5th!
Rumor alert: This allowance might shrink from April 2026, so make the most of it now!
2️⃣ Capital Gains Tax Allowance (CGT)
Sold something that made a profit? You can make up to £3,000 gain tax-free every year.
Hot tip: Sell across two tax years to double up that allowance!
Small Business Tax Reliefs & Allowances
1️⃣ Employment Allowance (NI relief)
If you’re an employer, claim up to £5,000 in National Insurance relief for 2024–25! (That’s going up to £10,500 next year! )
Who’s eligible?
✅ Employers with staff
✅ Charities
❌ Not eligible if you’re a one-person limited company or a solo freelancer.
How to claim:
- Download HMRC’s PAYE tools
- Or use your payroll software and select “YES” on the Employment Allowance indicator when submitting your EPS! ✅
2️⃣ Annual Investment Allowance (AIA)
Invested in equipment for your business — like laptops, cars, or even fitted kitchens? You can claim up to £1 million!
Perfect for reducing taxable profit!
3️⃣ Business Rates Relief
If your business premises has a rateable value under £15,000, or you’re in an enterprise zone, you could score big discounts! ➡️
Retail, hospitality & leisure biz? You can get up to 75% relief for 2024–25 — dropping to 40% next year, so jump on it! ♂️
4️⃣ Business Asset Disposal Relief (BADR)
Selling your business? Pay just 10% tax on qualifying gains instead of the higher rates. That’s a win!
Tax Reliefs for Limited Companies
1️⃣ R&D Tax Relief
Innovating in science or tech? ⚙️ You can claim for research & development even if the project flopped — it’s the trying that counts!
2️⃣ Creative Industries Tax Relief
Involved in:
Film, Animation, High-end TV, Video games, Theatre, Orchestra concerts, or ️ Museum exhibitions?
You could qualify! (But don’t forget — it needs to pass the British cultural test!)
3️⃣ Seed Enterprise Investment Scheme (SEIS)
Raising money for your new business? Investors get tax breaks, and you get capital to grow!
4️⃣ Enterprise Investment Scheme (EIS)
Similar to SEIS but for bigger investments. A great way to attract more backers for scaling up!
5️⃣ Marginal Relief
If your company’s profits are between £50,000 and £250,000, you can ease into a lower tax rate instead of jumping to the full 25%! ♀️
6️⃣ Patent Box
Own patented inventions? ️⚡ You might be able to pay less corporation tax on profits from them. Genius move!
7️⃣ Charity Donations
Give back — and get tax relief!
Financial gifts, donated stock, or even a team volunteering day — it all helps reduce your tax bill. (Plus, good vibes all around! )
TL;DR: Your Tax-Saving Checklist!
✅ Max out your ISA
✅ Split asset sales to double your CGT allowance
✅ Claim Employment Allowance if you have staff
✅ Use AIA for equipment investments
✅ Check business rate relief schemes with your council
✅ Use BADR when selling your business
✅ R&D tax relief if you’re innovating
✅ Tap into creative industries relief if you’re producing magic! ✨
✅ Attract investors with SEIS & EIS
✅ Claim Marginal Relief if profits are mid-range
✅ Apply Patent Box rules for patent-based profits
✅ Don’t forget charity donations!
Pro Tip: Some allowances reset every April 5th — so don’t wait! Time to get claiming and keep more of your hard-earned cash!
