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.

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.

IPSE makes the case for raising the VAT threshold

6 June 2018

IPSE makes the case for raising the VAT thresholdThe UK freelancer body IPSE says a higher VAT threshold would stimulate small business growth and encourage innovation.

IPSE has made the case for a higher threshold in its official submission to the Government's VAT call for evidence. It has warned against decreasing the current £85,000-threshold, saying that this would actively discourage the self-employed and many small businesses from growing beyond the threshold and provide EU businesses with an economic advantage.

Instead, IPSE is calling on the Government to raise the threshold in line with the Retail Price Index (RPI). The VAT threshold was pegged to the RPI from 1980 until it was frozen in 2017.

Andy Chamberlain, IPSE's deputy director of policy, said: "Lowering the VAT threshold would be disastrous for the UK economy … It would be an inhibiting move that would serve only to impede business growth and drag more people into red tape.

"The cashflow problems caused by such a move would mean people would face the stark choice of either raising their prices - causing them to lose customers - or absorbing the cost themselves, which would do significant damage to their businesses."

Chamberlain said the VAT threshold was "effectively cut" in the Autumn Budget in 2017 when the Government stopped indexing it in line with RPI.

"Increasing the VAT threshold in line with RPI would provide businesses with that much needed certainty as our imminent withdrawal from the EU approaches," he said. "Presently, the self-employed contribute £271 billion to the UK economy every year - that's enough to fund the NHS, twice. Increasing the VAT threshold would create a nurturing environment for our smallest business to thrive, expand and further increase the overwhelming value they provide."

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