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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.

Freelancers face debt crisis warns IPSE

5 October 2021

New research has highlighted the plight of freelance workers that did not qualify for government support during the pandemic.

The latest survey by the Association of Independent Professionals and the Self-Employed (IPSE) has found that many freelancers had to use savings, overdrafts and credit card debt just to get by during the COVID-19 pandemic.

The findings suggest that there is a "debt crisis" among freelancers who were excluded from support. The poll results show that two out of three freelancers' businesses (67%) were negatively affected by the pandemic and that 47% saw a decrease of over 40% in turnover.

As a result, many freelancers had to dip into savings or even borrow money to make ends meet:

  • 27% of freelancers used up all their savings during the pandemic;
  • 23% of freelancers took on credit card debt to get by;
  • 14% used their overdrafts.

Andy Chamberlain, director of policy at IPSE, said: "While the Self-Employment Income Support Scheme has been a vital lifeline for many self-employed people, it cannot be ignored that many others were unable to access it. There were approximately 1.5 million newly self-employed people, limited company directors and others who were excluded.

"These excluded groups have now been driven into a debt crisis and we urge government to look at the situation and consider debt relief measures to get these freelancers back on their feet … the financial consequences of the pandemic - and of the exclusion of so many freelancers from support - will be felt for years to come."

He added: "We also urge government to plan now for better support if there are renewed restrictions this winter. The exclusion debacle was a disaster for millions of freelancers and others across the country: this must not happen again."

Written by Rachel Miller.

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