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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 victory" for small firms on COVID insurance claims

15 January 2021

A judgment by the Supreme Court means that small businesses that have claimed for coronavirus-related business interruption losses will now be paid by their insurers.

The ruling comes after a test case brought by the Financial Conduct Authority (FCA) on behalf of policyholders. It means that thousands of small firms will now get insurance payments covering losses incurred during the first national lockdown.

The Federation of Small Businesses (FSB) has described the ruling as a "big victory" and said small businesses affected will "breathe a sigh of relief".

The first lockdown saw large numbers of claims under business interruption policies, many of which had specific disease clauses. However, many insurers disputed liability; the FCA says that 370,000 policyholders have been identified as holding 700 types of policies issued by 60 insurers that may be affected by the outcome of the test case.

"Coronavirus is causing substantial loss and distress to businesses and many are under immense financial strain to stay afloat," said Sheldon Mills, FCA executive director, consumers and competition. "Our aim throughout this test case has been to get clarity for as wide a range of parties as possible, as quickly as possible, and today's judgment decisively removes many of the roadblocks to claims by policyholders.

The FCA is working with insurers to ensure that they quickly pay claims and make interim payments wherever possible. "As we have recognised from the start of this case, tens of thousands of small firms and potentially hundreds of thousands of jobs are relying on this," said Sheldon Mills. "We are grateful to the Supreme Court for delivering the judgment quickly."

Huw Evans, director general of the Association of British Insurers (ABI), said: "All valid claims will be settled as soon as possible and in many cases the process of settling claims has begun. We recognise this has been a particularly difficult time for many small businesses and naturally regret that COVID-19 restrictions have led to disputes with some customers."

Commenting on the ruling, Mike Cherry, FSB national chair, said: "Today's judgment is a big victory … For many, it has been a long and difficult road to get to this stage so this will bring clarity and hope to the thousands of firms which have been left in financial limbo for almost a year.

"While this is good news … it's disappointing that so many small businesses have had to wait to get the money they desperately need under policies they believed were there to protect them, policies they bought in good faith … Providers must now pay-out quickly, and consider the steps they can take to progress these claims in a swift and seamless manner."

Written by Rachel Miller.

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