Skip to main content
We're here with practical tax information for your business. Find out about business taxes, tax planning and more.

Search

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.

Budget must turn SME optimism into real growth

11 February 2020

The UK economy saw zero growth in the fourth quarter of 2019; now business groups are calling for a spring Budget that supports the UK's small firms.

UK GDP in volume terms was flat between October and December 2019, according to new figures from the Office for National Statistics (ONS).

Commenting on the news, Tej Parikh, chief economist at the Institute of Directors (IoD), said: "The UK economy ended 2019 in a funk, and despite a recent rise in optimism, businesses will be looking for a significant boost from the chancellor next month.

"It's likely that political uncertainty and unwinding stockpiles caused the economy to flag at the end of last year. However, firms entered 2020 with more of a spring in their step. Confidence has shot up, while hiring plans and investment intentions have also risen a notch, but the post-election bounce may tail off."

A number of key business surveys in 2020 have seen a surge in optimism among small firms. The latest poll, from Hitachi Capital Business Finance, has found that two in five small business leaders (39%) predict growth by 31 March - the highest level for 18 months.

The findings show a rise in growth outlook in most sectors, with a significant upturn of growth projections in real estate (49%), IT and telecoms (49%), legal (47%) and media (46%). Regionally, small businesses in the East (43%) join London (47%) and the North West (45%) as having the most businesses with a positive outlook for the months ahead.

However, Tej Parikh has warned that uncertainty over the next stage of Brexit negotiations as well as other potential "hiccups in global growth" - including the fallout from the Coronavirus - could put the brakes on the economy. He said: "This makes the Budget a crucial moment to get the economy moving. The chancellor must clear the way for entrepreneurs to create jobs and drive up productivity, by unleashing investment in start-ups, slashing business rates and revamping our skills system."

Mike Cherry, national chair of the Federation of Small Businesses (FSB), said: "Small firms right across the country will be looking to the upcoming Budget as a chance to turn things around and create a pro-business environment that encourages growth and success.

"For too long, small firms have been in the doldrums with business confidence in negative territory for the entirety of 2019. This negative confidence has seen small firms hold back on investments, exports and hiring intentions … The Budget next month is a chance for the chancellor to illustrate his support for small firms that he committed to during the general election campaign."

Written by Rachel Miller.

Stay up-to-date with business advice and news

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