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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.

Pavement licence scheme to be made permanent

19 May 2022

Cafes, restaurants, pubs and other hospitality businesses will benefit from plans announced in the Queen's Speech to make the temporary COVID-related pavement licence scheme permanent.

The relaxations originally came in when the Business and Planning Bill 2020 was introduced to streamline the process by which businesses could apply for a street furniture licence (aka pavement licence). The intention was to mitigate against the impact of social distancing requirements on hospitality businesses, to provide much needed income and protect jobs.

The relaxations included a fast-track application process (with a reduced public consultation period) and low fees, with licences running for up to a year.

Since the scheme was introduced, a wide range of businesses have benefitted from the relaxations from public houses to cafes, bars and restaurants, snack bars, coffee shops, and ice cream parlours. A licence covers outdoor use of tables, chairs and other seating, counters for food or drink, umbrellas, heaters, and barriers.

The current arrangements were due to expire on 30 September 2022. However, the scheme will now become a permanent arrangement, but with some changes. Local authorities will be able to grant longer, two-year licences, but charges for licence renewals will rise from £100 to £350. Applicants for a new licence will have to pay £500.

Businesses can act now to benefit from the lower fees currently in place. Businesses with a pavement licence or table and chair licence that is due to expire before 30 September should consider renewing (or converting it) now to benefit from lower fees. Businesses without a pavement or tables and chairs licence should consider whether to apply for one now before the increased charges come in.

Written by Fiona Prior.

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