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.

COVID sick pay scheme to end in September

21 September 2021

The government scheme enabling small businesses to recoup statutory sick pay costs due to coronavirus will end at the end of September, and any outstanding claims must be made by 31 December 2021.

Legislation ending the coronavirus statutory sick pay rebate scheme was laid before Parliament on 9 September.

Before the COVID-19 pandemic, employers were obliged to pay statutory sick pay (SSP) to eligible employees unable to work because of sickness. It is paid at a flat rate of £96.35 (at the current rate) for up to 28 weeks. The full cost of SSP is met by the employer.

To support employers during the pandemic the government legislated to allow certain small and medium-sized employers to reclaim some, or all, of their SSP costs from HMRC via the SSPRS.

Under the new regulations, employers will not be able to reclaim SSP from 30 September 2021 and any claims relating to periods prior to that date must have been filed by 31 December 2021.

The Institute of Chartered Accountants in England and Wales (ICAEW) has warned that it seems that the suspension of the requirement to wait for three days before SSP is paid has not yet been repealed. The three-day rule was suspended temporarily during the peak of the COVID-19 crisis to encourage people to stay at home as soon as they felt ill.

It means that small businesses must continue to pay SSP from the first day an employee is unable to work, making SSP more expensive than it was before the pandemic. The ICAEW Tax Faculty has asked the government for clarification on this point.

With many workers returning to the office, employers are also focusing on making sure that their workplace is sufficiently sanitised to prevent the spread of coronavirus. New research by Chicopee has highlighted the germ hotspots in the workplace and its findings reveal that the office kettle and hand sanitiser bottles are actually dirtier than a toilet seat.

Chicopee swabbed the main touchpoints in offices to test for aerobic bacteria, yeast and mould. The research found that the computer mouse was the dirtiest touchpoint in the office, followed by the kettle, the fridge, laptops, bathroom locks and hand sanitiser bottles. Printers, light switches, desk phones and kitchen cupboards were also found to harbour a large number of bacteria. Interestingly, the toilet seat did not even make the top ten germ hotspots.

Eileen Calder, product manager wipes, EMEIA at Chicopee said: "It was no surprise that touchpoints that are contacted by multiple people and warm, humid environments, such as the kettle, are a breeding ground, but these are spots that could potentially be missed during a robust cleaning regime. The research has revealed just how important it is to keep office environments clean, using quality products multiple times a day to minimise risk."

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.