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

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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.

Business Interruption Loan Scheme opens for applications

24 March 2020

Aimed at small businesses, the scheme will offer interest-free loans of up to £5 million for 12 months.

The Coronavirus Business Interruption Loan Scheme has opened for applications for businesses across the UK who are experiencing lost or deferred revenues, leading to disruptions to their cashflow.

Delivered by the British Business Bank, through more than 40 accredited lenders and partners, the scheme supports a wide range of business finance products, including term loans, overdrafts, invoice finance and asset finance facilities. Accredited partners are listed on the British Business Bank website.

Chancellor of the exchequer Rishi Sunak originally said an initial £1.2bn of government-backed lending would be available through the scheme; now the government has said that it will be "demand-led" and "resourced accordingly".

The maximum value of a facility provided under the scheme will be £5m, available on repayment terms of up to six years. For overdrafts and invoice finance facilities, terms will be up to three years. There will be no guarantee fee for SMEs to access the scheme; interest and fees will paid by the government for 12 months. However, the borrower always remains 100% liable for the debt.

Smaller businesses from all sectors can apply for the full amount of the facility. In the first instance, businesses should aproach their own provider via their website. To be eligible for a facility under the scheme, an SME must:

  • Be UK-based with a turnover of no more than £45m per year;
  • Have a borrowing proposal which, were it not for the current pandemic, would be considered viable by the lender, and for which the lender believes the provision of finance will enable the business to trade out of any short-to-medium term difficulty.

If the lender can offer finance on normal commercial terms without the need to make use of the scheme, they will do so.

Chancellor Rishi Sunak said: "We are working round the clock to do whatever it takes to protect our people and businesses. That means that we are not only taking unprecedented action but doing so at unprecedented speed, because we know that businesses and their employees need help now."

Written by Rachel Miller.

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