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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.

Big jump in small firms looking for finance

4 March 2025

New research shows that seven in ten SME owners are looking for finance this year to help them grow - with younger entrepreneurs leading the way.

A survey of small firms conducted by Purbeck Insurance Services has found that more than 70% of small business managers/owners questioned have either secured or plan to secure funding for their business in 2025, a big jump from 30% in 2024.

Demand for finance is highest among younger business owners aged 25-34, with 76% of this age group planning to get funding this year. The findings show that most business owners are planning to invest in new technology and buy equipment; other reasons for securing finance include:

  • to support cash flow (cited by 41% - up from 32% in 2024)
  • to fund a business acquisition (28%)
  • to pay off outstanding debts (20%)

The amount of finance typically being secured is £100,000-£200,000; only around 9% of businesses surveyed were seeking less than £50,000.

Half of these are prepared to put their own assets on the line for their business by signing a personal guarantee - in fact, 50% of those surveyed are already personal guarantors for a business loan or have plans to become one in 2025. This rises to 76% amongst 25-34 year-old small business owner/managers.

The results suggest that younger business owners are more likely to know about the benefits of personal guarantee insurance (PGI) to mitigate the risk to their personal assets. The survey found that 75% of 25-34 year-olds have heard of personal guarantee insurance, compared to 47% of 45-54 year-olds.

"Despite reports of a slide in business confidence among UK SMEs, many remain sanguine about the need to invest for growth. Add to this the fact that more than half of those seeking funding are willing to put their personal assets on the line, and we begin to see a picture where UK SMEs still have a positive appetite for managed risk to better their businesses. Challenges lie ahead, particularly with rising tax costs and increased labour burdens following last November's budget, which will impact many SMEs. However, the encouraging sign is that many businesses are exploring new financing opportunities this year, signalling optimism and potential growth for the UK economy." Todd Davison, managing director, Purbeck Personal Guarantee Insurance.

The survey also reveals that businesses in the North East, Scotland and Wales are most likely to be looking for finance.

Written by Rachel Miller.

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