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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.

Eat Out to Help Out scheme opens for registrations

14 July 2020

Restaurants, cafes and bars can now sign up to the new government initiative aimed at encouraging people to safely return to eating out.

The Eat Out to Help Out scheme offers a 50% reduction, up to a maximum of £10 per person, to all diners who eat in a restaurant or other eligible food establishment throughout August. The discount applies all day, every Monday to Wednesday, between 3 and 31 August 2020. Customers do not need a voucher as participating establishments will automatically apply the discount to their bill.

Businesses can then reclaim the discounted amount through an online service, supported by HMRC. Claims can be made on a weekly basis and will be paid into bank accounts within five working days.

The Eat Out to Help Out registration service went live on 13 July on the government website, allowing businesses to join the scheme announced by chancellor Rishi Sunak in his summer statement. Businesses that register will receive a window sticker to show they are using the scheme and can download other promotional materials from the government website.

Jim Harra, chief executive and first permanent secretary of HMRC, said: "The hospitality industry is among the sectors worst affected by COVID-19. The Eat Out to Help Out Scheme will deliver support to more than 100,000 businesses, including restaurants, cafes and bars serving food and drink, helping to protect 1.8 million jobs across the UK."

Chancellor of the exchequer Rishi Sunak said: "HMRC's quick and easy registration page will soon have you on your way to welcoming back your customers with discounted dining on every Monday to Wednesday throughout August, with a simple process to reclaim these discounts back from the government each week."

The scheme can be used by diners who order food and/or drinks for consumption on the premises. Alcohol is excluded from the offer. A searchable restaurant finder tool will be available to the public before the scheme launches on 3 August.

Written by Rachel Miller.

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