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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.

Have you paid enough NI to get the full state pension?

30 April 2024

The government has launched a new online service to make it easier for customers to check for and fill any gaps in their National Insurance (NI) record to help increase their state pension.

The Check your State Pension forecast allows British tax payers to view gaps in their NI record and pay voluntary contributions to fill those gaps, if it will benefit them. The new digital service will show customers by how much their state pension could increase and details of the voluntary NI contributions they would need to pay to achieve this.

It gives anyone with NI gaps in some of their tax years the opportunity to increase their state pension. They can pay securely through the service and will receive confirmation that their payment has been received and that their NI record will be updated.

How to pay voluntary NI contributions

Customers can access the Check your State Pension forecast via GOV.UK or via the HMRC app. Those who are eligible have until 5 April 2025 to pay voluntary contributions to make up gaps in their NI record between 6 April 2006 and 5 April 2018. From 6 April 2025, people will only be able to pay voluntary contributions for the previous six tax years, in line with normal time limits.

"I would encourage everyone to check their state pension forecast and to take a look at how they could improve their state pension award with only a few simple clicks." Paul Maynard, minister for pensions.

Paying voluntary contributions will not always increase their state pension but everyone can use the new service to check whether they could be better off in retirement before making any voluntary NI payments. Customers will need to log in to the new digital service using their Personal Tax Account log in details.

Those without an online HMRC account can register on GOV.UK.

Written by Rachel Miller.

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