HMRC collected over £533 billion in taxes during the 2015-16 tax year but we think it’s possible that many SMEs, business owners, and employees are currently paying more tax than they need to. They simply aren’t aware of a number of different tax incentives offered by HMRC that could reduce their tax bill. It’s no surprise that HMRC are not very good at letting people know about these incentives, so we are happy to introduce 7 safe and effective tax deductions that you should consider.

1. Tax free Christmas office party, panto or concert

When a company throws a party for all of its employees and the cost is less than £150 per head then it is a tax and NI-free benefit.…