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.

IPSE launches #5millionvotes campaign

5 November 2019

Person working in a cafeThe Association of Independent Professionals and the Self Employed (IPSE) has launched its manifesto ahead of the general election, calling for new policies to support the UK's five million freelancers.

IPSE is asking self-employed workers to use the hashtag #5millionvotes to spread the word about the importance of the self-employed during the general election campaign.

Since 2008, there has been a 35% increase in the number of self-employed workers in the UK and freelancers now represent 15% of the workforce. On current trends, there will be over five million freelancers by the end of the next parliament. The UK's solo self-employed also contribute £305bn to the economy - underlining their vital importance to the economy.

IPSE's manifesto makes forty recommendations. Key policies include a call for a review of self-employed and small business taxation, new powers for the small business commissioner to crack down on late payment and rates relief for turning empty premises into co-working spaces to revitalise Britain's high streets.

"This will be a hugely important election for the country. It is therefore vital that all political parties remember that, regardless of Brexit, there are five million votes out there from the UK's self-employed that are up for grabs," said Simon McVicker, IPSE director of policy and external affairs.

"From building a modern tax system to ending the culture of late payment and boosting the number of co-working spaces, we believe all parties should be listening to the needs of the self-employed and outlining policies that will make a difference to them.

"The self-employed could prove decisive in dozens of marginal constituencies across the UK. All parties would do well to remember this and IPSE will be working hard during the campaign to get the message out there."

IPSE's top five policy priorities are:

  • Build a modern tax system: IPSE is recommending a wide-ranging review of small business tax, scrapping IR35 and ending confusion over the Loan Charge.
  • End the culture of late payment : The small business commissioner should be given powers to fine and "name and shame" late payers.
  • Identify solutions for retirement saving : The government must work with industry to find tailored products for freelancers, such as the sidecar pension, to help them put money away for retirement.
  • Update freelancers' parental rights: Shared Parental Leave should be extended to the self-employed.
  • Create new workhubs: Incentivising the use of empty premises for co-working spaces through exemptions in business rates could help revive Britain's struggling high streets.

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.