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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.

Exporters urged to sign up to new customs system

14 March 2023

HMRC is changing the way that UK exporters make customs declarations; businesses have to sign up to a new system by 30 November 2023.

Any business that exports goods must move to a new HMRC customs IT platform by 30 November in order to continue trading internationally.

The UK's new single customs platform is called the Customs Declaration Service and it replaces the current Customs Handling of Import and Export Freight (CHIEF) system. The CHIEF system has already closed for import declarations.

Whether they make their own declarations or use an intermediary, HMRC is urging businesses to act now to plan and move to the Customs Declaration Service.

According to the government, the new system offers a number of benefits:

  • It allows businesses to submit customs documents digitally and safely using the Secure File Upload service;
  • It provides a single financial dashboard to view account statements, make payments and control standing authority;
  • It gives real-time notifications and alerts on all customs declarations and movements;
  • Businesses can open a duty deferment account and make payments by card or bank transfer enabling goods to clear customs without delay.

Preparing to move to the new system

To help businesses and agents plan their move to the Customs Declaration Service, HMRC has published step-by-step checklists. Businesses can also use the Trader Dress Rehearsal service to prepare. This service enables firms to practise realistic business scenarios using their own account data and software, without risk. It can also be used to train staff.

Written by Rachel Miller.

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