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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 time to simplify VAT rules says accountancy body

3 August 2021

With the UK now out of the EU, the Institute of Chartered Accountants in England and Wales (ICAEW) says the UK government is now in the best position to thoroughly review the structure of VAT.

The ICAEW has reiterated its call for all VAT exemptions to be abolished in its response to the HMRC consultation on how to simplify VAT rules related to land and property. It has also recommended the removal of all VAT options.

According to the ICAEW's Tax Faculty , current VAT rules related to land and property are unnecessarily complex and could not only benefit from significant simplification, but also highlight the need for a more fundamental review of VAT exemptions.

In its response to HMRC's call for evidence on simplifying the VAT land exemption , ICAEW has argued that abolishing exemptions would remove the difficulties for businesses and HMRC posed by partial exemption. However, it says it accepts that the question of identifying business and non-business activities would remain and further consideration would need to be given as to how that VAT incurred might be recovered.

ICAEW suggests that all land and property transactions should subject to VAT at the standard rate or reduced rate, other than those relating to domestic property which should remain zero rated. This approach would remove many of the complexities of the current regime.

The faculty also recommends the removal of all VAT options, arguing: "Any option, whether it be to tax or exempt a transaction, creates complexity and uncertainty, as there are then two possibilities for the VAT liability of what is essentially the same type of supply."

ICAEW's Tax Faculty has previously called for the abolition of VAT exemptions in letters to the Financial Secretary to the Treasury.

Written by Rachel Miller.

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