Benefit from recent tax changes

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We announced a range of measures including a £4.3 billion package to support SMEs with business rates, the Small Business Rates relief taking a third of properties out of paying rates completely, and extending the Retail, Hospitality and Leisure relief for a fifth year.

You could benefit from some of these changes.

1. Permanent Full Expensing

A company can now permanently claim 100% capital allowances on qualifying main rate plant and machinery investments, meaning that for every pound invested its taxes are cut by up to 25p. Worth £10 billion a year, full expensing is the biggest business tax cut in modern British history.

Check out the guidance on full expensing and how this works,

FInd more information on claiming capital allowances.

2. Business rates support package

A business rates support package worth £4.3 billion over the next 5 years will help high streets and protect those small businesses that are the backbones of communities. This includes:

  • A rollover of 75% Retail, Hospitality and Leisure relief for 230,000 properties
  • A freeze to the small business multiplier, which will protect around 90% of ratepayers. 

The Climate Change Agreement Scheme will be extended, giving energy intensive businesses like steel, ceramics and breweries around £300 million tax relief every year until 2033 to encourage investment in energy efficiency and support the Net Zero transition. 

Types of business rates relief

Some businesses in England are eligible for a reduction in their business rates bill. This is called ‘business rates relief’.

The rules for business rates relief are different if your property is in Scotlandyour property is in Wales or your property is in Northern Ireland.

3. Research and Development (R&D) Tax Reliefs

We have confirmed a single merged R&D scheme for expenditure incurred in accounting periods beginning on or after 1 April 2024. 

The rate at which loss-making companies are taxed within the merged scheme will be reduced from 25% to 19%, and the threshold for additional support for R&D intensive loss-making SMEs will be lowered to 30%, benefiting a further 5,000 SMEs. 

Find out if you can claim Corporation Tax relief on your Research and Development (R&D) project.

4. Claiming employment allowance

Employment Allowance allows eligible employers to reduce their annual National Insurance liability by up to £5,000. Find out more and check if you’re eligible.