Running a business comes with more than its fair share of stress, duties and chores. On top of all these you also have to think creatively and keep one step ahead of the competition, which in itself entails keeping a watching eye over the competition. In essence then, running a business can sometimes feel as if you’re running the world. Paying taxes is another element of business running that requires much concentration and potential complications. Of paying taxes, ensuring you receive your full entitlement in refunds is perhaps the part businesspersons and entrepreneurs need to be most concerned with. Here are some tax refund tips for the millionaire businessperson in order to make things somewhat easier.
One of the most ignored aspects of taxes by British businesspeople is that of tax refunds. Many businesses miss out on thousands of pounds each year, simply through not being aware of the fact that they’re owed money through tax refunds by Her Majesty’s Revenue and Customs (HMRC).
Below are a rundown of some of the circumstances from which you’ll most probably be owed money by the HMRC in the name of tax refunds.
Firstly, those who are self employed in the construction field and have to travel to temporary sites – whether they’re using public or private transport – may very well be owed a tax refund of around £2500 by the HMRC. Those driving their own vehicle will be more likely to receive money back from the HMRC.
If you are a contractor or subcontractor in mainstream construction work you may be eligible for a CIS (Construction Industry Scheme) tax refund, which applies to those of us who either work predominantly in construction or spend a lot of money in the industry.
Furthermore, those who either own or develop a commercial property can retrospectively claim for unused allowances on any extensions, alterations and upgrades made to the property. The HMRC will also allow some of your expenditure to be offset when you lease or improve a commercial property.
Money can also be claimed back through tax refunds if you need to agree a value for plant and machinery as part of a commercial property purchase process.
There are a variety of other circumstances from which money can be claimed back through capital allowances and no businessperson, big or small, should forsake such opportunities. There are specialist companies out there such as www.RiftUK.com who will help discern whether you’re owed any tax refunds upon request, to make your job a whole lot easier.
Being a millionaire businessperson isn’t always about acquiring huge amounts of money and also entails looking after and seeking the seemingly smaller fees. After all, a million is made up of several thousands.