We're here with practical tax information for your business. Find out about business taxes, tax planning and more.

We've scoured the web to get you the most up-to-date advice which includes the most useful tools on offer from the officials themselves.

Effective tax planning is essential if you are to minimise your tax bills. Simple tax planning can significantly reduce your tax liabilities.

The self-assessment tax return is an unavoidable burden if you are liable for self-employed tax or have complicated income tax affairs.

Corporation tax is charged on a company's profits. If you trade as a limited company, ensure that paying this tax is as painless as possible.

National Insurance Contributions (NICs) are payable whether you are self-employed or employed by your own company, although different rates apply.

As well as your legal obligations, you’ll want to ensure that payroll is painless and that you use any opportunities to improve your tax-efficiency.

VAT

Effective VAT planning aims to ensure that VAT is relatively painless, and that you are reclaiming as much as possible of the VAT you pay.

Capital gains are made when you sell something for more money than you paid for it. As a result, you can be subject to tax. Take professional advice.

Business property taxes apply to businesses with commercial premises.There are two commercial property taxes: business rates and stamp duty land tax.

Many small businesses look to international trade when they can’t increase sales at home, while some sell exclusively to customers overseas.

The main UK business taxes include tax on profits, National Insurance contributions, business rates and so on. We have chosen the best tools to help.

If you have tax problems or face a tax investigation, it pays to seek professional advice and you must act rather than just hoping for the best.

Do you have a financial buffer?

15 May 2018

Do you have a financial buffer?Many small business owners don't feel financially confident unless they have a buffer big enough to cover running costs for a year, according to new research.

A survey by Paymentsense has found that 28% of business owners say they don't feel secure unless they have enough money set aside to pay their annual running costs.

However, the study found that more than four in ten small business owners (41%) admit to having no such buffer in place; it means that as many as 2.3m UK small businesses may have no financial back-up plan.

For those businesses that do have something in reserve, the Paymentsense survey shows that the most popular back-up is cash savings - held by 59% of prepared businesses. A third (34%) said their buffer included property and nearly a quarter listed an overdraft facility (23%). Plant and machinery featured for a fifth (20%), with 17% using business credit cards.

The study also found that almost two-thirds (61%) of SME owners are in debt, with monthly repayments averaging £3,589. What's more, over half (55%) admit to deliberately paying suppliers and partners late to ease cash flow problems. More than a fifth (21%) said they do this at least once a month.

Guy Moreve, head of marketing at Paymentsense, said: "We know that feeling financially confident is critical for small business owners. Aside from helping you sleep at night, it enables accurate long-term fiscal planning for growth rather than just survival. Having a buffer is just part of the picture. Cash flow monitoring and proactive credit control are also essential. However, we'd caution against routinely delaying invoices to partners and suppliers, as it risks damaging important business relationships."

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