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The Business Risk Review (BRR+) is the process by which we evaluate and discuss with the customer where we think they sit on the compliance spectrum and in particular whether they meet the...
- Overview
- If you are self-employed or run a business
- If you employ others
- Further help and information
Find out about tax reliefs and allowances available from HMRC if you run a business, employ people or are self-employed.
Tax-deductible business expenses
If you’re self-employed, your business will have various running costs. You can deduct some of these as part of your annual tax return, to work out your taxable profit as long as they’re allowable expense. The list of tax-deductible expenses is long but includes things like office stationery, insurance and bank charges, and even heating and lighting for your office or business premises, including home offices. Read more about expenses if you’re self-employed.
Research and Development tax credits
If your company is involved in innovative projects in science or technology you may be eligible to claim Research and Development (R&D) reliefs. These can be claimed by companies researching or developing an advance in their field. They can even be claimed on unsuccessful projects. Read more about claiming Research and Development tax reliefs.
Gift Aid
Companies (and unincorporated associations) can claim tax relief for qualifying donations paid to charities (bodies or trusts accepted as charities for UK tax purposes). Read more about tax when your limited company gives to charity.
Employment Allowance
You may be able to claim Employment Allowance which allows eligible employers to reduce their annual National Insurance liability by up to £5,000. Read more about Employment Allowance.
Hiring an apprentice
If you hire an apprentice, you may be eligible for further support from the government. Read more about employing an apprentice.
Hiring a veteran
From April 2021, anyone hiring a former member of the UK Armed Forces in their first year of civilian employment can apply a zero-rate of secondary National Insurance contributions (for that employee) for up to 12 months. Read more about claiming National Insurance contributions relief for veterans as an employer.
File your Self Assessment return early
You don’t have to wait until January to file your Self Assessment tax return. You can do your tax as soon as the tax year ends and submit it at a time that suits you. Filing early has a few benefits; it might help you manage your tax bills or your financial planning for the year by finding out how much you owe, so you can plan your payments and if you’re owed a refund you’ll get it sooner. Read about filing your tax return early.
Using a tax adviser or agent
If you’re thinking of using a tax agent we urge you to read the company’s terms and conditions on documents and websites, so you understand in advance the fees you will pay and the service you’re signing up for. You should choose the right tax agent carefully, because even if you use a tax agent, you remain responsible for your own tax affairs. Read more about what to look out for when choosing a tax agent.
If you’re having difficulty paying your tax bill
It’s really important to stay on top of your tax affairs, but if you are unable to pay what you owe you should talk to us as soon as possible. Read about what to do if you cannot pay your tax bill on time.
The Business Risk Review (BRR) is a process by which HMRC manages the tax compliance of the UK’s largest businesses – such as limited company contractors’ end-clients, writes Charlie Hemsworth, senior tax consultant at Bauer & Cottrell.
Until April 6th 2021, it remains your responsibility (as the PSC) to assess the IR35 status of any contracts within the private sector and as such any unpaid tax liability will rest with you. You should always seek professional advice from a specialist who reviews the contract and working practices on your behalf.
Oct 28, 2023 · Many businesses have been approached by HMRC to book in a business risk review under the new Business Risk Review Plus (BRR+) format. As part of these reviews, HMRC allocates a risk ‘score’ to the business, which may be Low, Medium, Medium-High, or High.
Apr 5, 2022 · An HMRC business risk review (BRR) is the process by which it evaluates and discusses with a large or complex employer where it thinks the business is on the compliance spectrum and in particular whether it meets the criteria to be given a low risk rating.
People also ask
What is an HMRC business risk review (BRR)?
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Will tax reforms make it easier for small businesses to fill out returns?
Jul 20, 2021 · Under the current system, tax returns filed by the self-employed, sole traders and partnerships are based on a business’s set of accounts ending in the tax year (5 April).
