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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.

As the going gets tough, shoppers rally around small firms

21 June 2022

A poll of small firms in the UK has found that there is widespread evidence that consumers are showing more support for independent shops and businesses as UK trading conditions worsen.

Over half (52%) of small businesses say customers are choosing to shop small to support them during what have become very challenging trading conditions, brought about by cost and supply chain pressures. That's the finding of new research from American Express, released to coincide with its summer Shop Small campaign that helps support the UK's local and independent businesses.

The research, conducted by Opinium on behalf of American Express, found that more than half (55%) of small businesses have reported seeing a rise in new customers purchasing from their business over the past six months.

When it comes to the future, two-thirds (66%) of small business respondents said they are expecting sales to grow over the next year, with over one-third (35%) saying they are optimistic about prospects for their business.

Dan Edelman, vice president and general manager UK Merchant Services at American Express, said: "After the many challenges of the last few years, it's heartening see that customer support for the nation's valuable small businesses remains strong. We're proud to champion these businesses, which is why we're encouraging our cardmembers to show their appreciation by shopping locally with the return of Shop Small this month, available at more locations than ever before."

First launched ten years' ago, Shop Small helps independent businesses attract customers through their doors. Between 20-26 June, American Express cardmembers will receive a £5 statement credit when they spend £15 or more at participating small businesses across the UK. This offer can be used up to five times, once per participating small business location. The total number of participating locations this summer has risen by 19% since December 2021.

American Express is also the founder and principal supporter of Small Business Saturday, which celebrates its 10th anniversary this year on 3 December.

Michelle Ovens, director of Small Business Saturday UK, said: "Such optimism shown towards small businesses is fantastic to see, especially as we navigate through a challenging time when they need our support more than ever. Choosing to back campaigns such as Shop Small and Small Business Saturday is an excellent way to get behind our nation's independents and give them the recognition they deserve."

Written by Rachel Miller.

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