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.

Business rates: "a levy that hurts small firms"

31 August 2021

The Federation of Small Businesses is calling on the government to support small businesses by significantly reforming business rates - which it has described as "regressive and outdated".

Small firms should not be penalised with a higher business rates bill for greening their premises or improving staff wellbeing with new amenities, the Federation of Small Businesses (FSB) has told ministers.

In a letter to the government ahead of the autumn review of the business rates system, FSB national chair Mike Cherry said: "This is a levy that hurts small firms trying to do the right thing: if you put solar panels on the roof to aid your transition to net zero, or install ventilation to support the wellbeing of your staff, the Valuation Office Agency will advise your local authority that you should be paying more in business rates.

"As we look to aid the small business community's transition to net zero, and employee safety and wellbeing as we come out from the pandemic, this simply cannot be the right approach to taxation."

The FSB is urging policymakers to:

  • Stop penalising investments aimed at improving sustainability, such as solar panels, insulation, ventilation, recycling facilities and bike sheds - improvements that typically increase property values and raise rates bills;
  • Support high street recovery by increasing the threshold for 100% small business rates relief to £25,000;
  • Exempt all childcare providers from business rates to bring support across England in line with that provided in Wales and Scotland;
  • Remove a quirk in the system that means that firms operating across two premises are charged rates even if its total valuation should see it qualify for relief.

Mike Cherry said: "The government is absolutely right to overhaul a business rates system which often lets online retailers operating from remote warehouses off the hook whilst punishing small businesses that serve as community hubs" and he said that "we should be aiming to take more small firms out of the system altogether".

Cherry added: "Renewed efforts to ensure that rates bills are based on fair valuations are welcome and much needed - the more we can move to rolling up-to-date valuations, the more we can ensure this is a fair system fit for the digital age."

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.