Some Helpful tips:

Remember to regularly review your company’s accounting period.

R & D Tax Relief

Recent changes have meant that more companies are eligible to claim and for smaller businesses you can exchange the loss for a cash repayment.

For more information seehttps://www.gov.uk/guidance/corporation-tax-research-and-development-rd-relief  or better, still ask your accountant for advice if you think you qualify. 

The Rent a Room Scheme

The Rent a Room Scheme lets you earn up to a threshold of £7,500 per year tax-free from letting out furnished accommodation in your home. This is halved if you share the income with your partner or someone else.

You can let out as much of your home as you want.

How it works

The tax exemption is automatic if you earn less than £7,500. This means you don’t need to do anything.

If you earn more than this you must complete a tax return.

You can then opt into the scheme and claim your tax-free allowance. You do this on your tax return.