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.

One in six entrepreneurs will "never retire"

11 September 2017

One in six entrepreneurs will "never retire"A new study by the Institute of Directors reveals that many entrepreneurs have no plans to hang up their hats and many over-50s are starting new businesses.

The report, The Age of the Older Entrepreneur, explores the labour market for older people and looks at proposals aimed at helping people who want to start a business later in life.

As part of the study, the Institute of Directors (IoD) surveyed its members and found that over half (53%) identified themselves as entrepreneurs. The majority of respondents polled were over the age of 50 and one in six said they "never plan to retire".

The report also includes case studies that show older entrepreneurs setting up a wide range of companies. These include Steve Perry (aged 59) who has launched No Desire to Retire - an online platform that helps over-50s find work.

In order to support older entrepreneurship, the IoD is now calling on the Government to consult on the introduction of limited, tax-free withdrawals from personal pension pots if money is earmarked for start-up investment, in addition to the current 25% tax-free allowance.

It is also calling for the tax system to be "flexed" to encourage individuals to access training through their working lives, proposing the introduction of a "shadow personal allowance" to be offset against an individual's income tax liability.

"I have long been an advocate of working later in life, but it is crucial that those who choose these routes have the right tools, and feel adequately supported in the process," said Lady Barbara Judge, chair of the IoD.

"Choosing to take financial and business risks later in life can be difficult and I applaud any person who decides to take this route. People in their sixties now are on the front line of the shifting boundaries between work and retirement. The Government should consider introducing tax incentives to encourage people to pursue their ideas and invest in training, so that they can continue to have fulfilling working lives beyond the age expected by previous generations."

News type:

Stay up-to-date with business advice and news

Sign up to this lively and colourful newsletter for new and more established small businesses.

Contact us

Make an enquiry