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


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.


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.

Businesses need support as debts rise

8 September 2020

Four in ten firms have borrowed money this year to help them survive the pandemic; now they need support to avoid getting into a debt crisis.

A new survey by the British Chambers of Commerce (BCC) and TSB has found that 42% of the small firms took on debt during the COVID-19 crisis, including through government lending schemes such as the Coronavirus Business Interruption Loan Scheme (CBILS) and the Bounce Back Loan Scheme (BBLS).

Those drawing on the loan schemes were mainly doing so to support day-to-day business operations during the pandemic - 71% used finance to support cashflow, 43% for overheads, 40% for paying staff and 32% for paying other debts.

Now, the BCC/TSB survey has found that more than one in four firms say they may need to scale down operations to repay the loans.

The findings reveal that:

  • 64% of respondents said that the repaying of finance built up during the pandemic might have a negative impact on their business;
  • 27% said repaying finance might mean they scale down operations;
  • 26% said they would change their investment plans;
  • And 11% said they might have to cease trading.

The British Chambers of Commerce has said that innovative approaches to repayment and recapitalisation may be needed to prevent thousands of firms from falling into a debt crisis.

The survey found that 18% of respondents said they would prefer a student loan style scheme, where the loan becomes a contingent tax liability that is repaid on a means-tested basis; 16% said they would prefer a longer fixed-term period to repay the loan; and 4% said they would prefer to convert the debt into an equity stake in their business.

The BCC is warning that with local lockdowns and the planned withdrawal of government support schemes in the autumn, more businesses will have to access business banking services to support their day-to-day operations.

Adam Marshall, BCC director general, said: "Government loan schemes have been a lifeline for many businesses during the pandemic. So many firms have taken on debt in order to survive.

"With many businesses still facing reduced demand, depleted cash reserves and continued uncertainty, bold solutions will be needed to prevent thousands of firms across the UK from falling into a spiral of unsustainable debt. If not addressed, large debt burdens could stifle the recovery, threatening jobs and constraining business activity and investment.

"Others who have weathered the immediate storm may yet need access to finance for working capital to help their businesses recover and grow. Ministers should consider whether some loan schemes should be extended beyond the autumn to help. Over the coming months, government, regulators and banks must work together with business communities to find solutions that help firms repay coronavirus loans sustainably and access the support and services they need at this challenging time."

Written by Rachel Miller.

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