There are some circumstances in which it may be possible for you to pay less tax. Do any of them apply to you? It's worth checking, as there are tax credits/reliefs/incentives:
Tax credits are payments from the government to help with everyday costs. There are two types of tax credit - Working Tax Credit and Child Tax Credit. You can often get both types of tax credit. They aren't taxable.
Working Tax Credit
If you work, but are on a low income, you may qualify for Working Tax Credit.
You can claim whether you're an employee or a self-employed person.
Child Tax Credit
If you're responsible for at least one child or young person, you may qualify for Child Tax Credit.
There are a number of capital allowance schemes that have been introduced to encourage investment in particular assets or by particular types of businesses, including small and medium enterprises. The capital allowances investment schemes page provides a brief description of each scheme and links to more detailed guidance.
R&D Tax Credits are a new tax relief for small and medium-sized companies which invest in R&D. Companies can claim them on qualifying R&D expenditure from 1 April 2000.
These schemes all offer tax incentives to encourage direct investment in qualifying companies (but not other types of business).
