Most Oxford owner-managers know the basics: claim your expenses, file on time, pay the right corporation tax. What surprises us at Conway & Partners every year is how many otherwise well-run businesses leave significant tax reliefs on the table simply because no one has flagged them. This piece runs through the five reliefs we see overlooked most often by Oxfordshire SMEs, and what to do if you suspect your business is missing out.
1. R&D tax relief
Research and development relief is still the most under-claimed relief we encounter — and not just by tech firms. If your business is solving a technical problem where the outcome was genuinely uncertain, you may qualify, whether you are a manufacturer refining a process or a software team building something new. The rules tightened in 2024, so claims now need stronger record-keeping and a clear technical narrative, but for the right project the cash benefit remains substantial.
2. Capital allowances and full expensing
Full expensing lets companies deduct the entire cost of most new plant and machinery in the year of purchase. Many directors invest in equipment, vehicles or IT without ever mapping the spend against the allowances available — and embedded fixtures within commercial property are missed almost as a rule. A proper capital allowances review on a property purchase frequently uncovers tens of thousands of pounds of unclaimed relief.
3. The Employment Allowance
Eligible employers can reduce their annual Class 1 National Insurance bill through the Employment Allowance. It is straightforward to claim, yet we regularly see newly incorporated businesses, or those that have grown past an old payroll setup, simply not switching it on.
4. Pension contributions as a planning tool
Employer pension contributions are an allowable business expense and one of the most efficient ways for an owner-manager to extract value from a profitable company. Used deliberately around the year end, they reduce corporation tax while building personal wealth — but the annual allowance and tapering rules need watching closely.
5. Loss relief and carry-back
A difficult trading year is never welcome, but trading losses are an asset. They can be set against other income, carried back against a prior profitable year to generate a repayment, or carried forward — and the right choice depends on your wider position, not just this year’s numbers.
Think you might be missing out?
None of these reliefs are exotic; they are simply easy to miss when you are running a business day to day. If you would like a second pair of eyes on your last set of accounts, our Oxford team is happy to carry out a no-obligation review and tell you plainly whether there is anything worth claiming.
Need advice tailored to your situation? Talk to our Oxford team.