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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.

It's not too late to claim tax relief for working from home

29 June 2021

The government is urging employees that have had to work from home during the pandemic to claim tax relief via the HMRC online portal.

Employees who have worked from home during the pandemic can claim tax relief on household expenses for this tax year. Since April, almost 800,000 employees who have been working from home during the pandemic have already claimed tax relief on household-related costs for the year 2021/2022 according to HMRC.

The saving is worth up to £125 per year for each employee; eligible workers can claim the full year's entitlement if they have been told to work from home by their employer, even if it has been for one day during the tax year.

Employees who have either returned to working in an office since early April or are preparing for their return can still claim the working from home tax relief and benefit from the full year's relief for the 2021 to 2022 tax year by claiming via HMRC's online portal.

Any employees who were required to work from home during the 2020 to 2021 tax year but did not claim for the tax relief have not missed out either. HMRC will accept backdated claims for up to four years and tax-payers will receive a lump sum payment for any successful backdated claims.

Employees must apply directly themselves (agents cannot use the online portal to apply on a customer's behalf). Once an application has been approved, their tax code will be automatically adjusted for the relevant tax year and they will receive the tax relief directly through their salary.

"More people are getting back to office working now, but it's not too late to apply for tax relief on household expenses if they've been working from home during the pandemic," said Myrtle Lloyd, HMRC's director general for customer services.

Since April last year, the maximum amount employers have been able to pay tax-free without employees having to provide evidence of an increased bill was set at £6 a week. Employees who have not received the working from home expenses payment direct from their employer can apply to receive the tax relief from HMRC. If an employee completes an annual tax return, they can apply for the tax relief via their Self Assessment tax return.

Written by Rachel Miller.

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