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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.

Still file a paper tax return? Things are about to change…

HMRC has advised that 385,000 taxpayers filed paper self assessment tax returns for the 21/22 tax year. If you were one of them, you could be about to receive a letter from HMRC. They are writing to taxpayers to inform them they will not automatically receive a paper tax return form for the 2022/23 tax year. Letters were sent out between 23 March and 4 April 2023.

This is another step in the push to get taxpayers to file online as part of the government’s objective to have everyone interacting digitally with HMRC and other government bodies.

Who will receive a letter?

135,000 taxpayers who normally file their self assessment tax return on paper will receive a letter from HMRC advising them they won’t receive a tax return form automatically this year. Instead, they will be asked to file their return online via GOV.UK or by using commercial software.

The digital future

HMRC has a target over the next two years to reduce the volume of letters and forms it sends out on paper. It will continue to persuade taxpayers to use its digital channels where possible - which is usually quicker and easier than communicating via post or over the phone.

What if you cannot file online?

Should you not have internet access you are advised to contact HMRC on 0300 200 3610 where you can request a paper form to be sent to you.

Taxpayers aged over 70, who are not already filing digitally and who do not have an appointed tax agent will continue to automatically receive a paper tax return form. Likewise, those who are not digitally capable, such as disabled employers who may employ personal assistants and carers – in these circumstances they will be able to choose to communicate with HMRC manually.

There are other exclusions and special cases that are excluded from online filing, listed on the GOV.UK website, in which the taxpayer can use digital software to print the form in a format acceptable to HMRC.

Copyright 2023. Sponsored post by Mike Parkes of GoSimpleTax - tax return software that can help you manage your self assessment.

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