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.

Shoppers support local retailers in run-up to Christmas

13 December 2024

More and more Brits are choosing to shop for Christmas food and presents in their local independent retailers, according to new research.

A survey of 2,000 Brits and 500 small firms has found many reasons to be cheerful for local high streets up and down the UK. The research, conducted by Perspectus Global for Smart Energy GB, has found that 37% of Brits say they will support local independent shops this Christmas, rising to 59% of Gen Z shoppers.

Most local shop owners (78%) say that consumers are increasingly doing their shopping in local independent businesses in the run-up to Christmas, and they expect footfall to increase by an average of 44%.

Almost half (47%) of Brits polled say they will be visiting their local greengrocer to buy fruit and veg, 42% will be buying local cheeses and 25% will buy a Christmas turkey from their high street butcher rather than visiting a big supermarket.

As many as 39% will be popping to their local bakery for festive treats such as mince pies and gingerbread men, while a quarter (26%) will be purchasing their Christmas chocolates from a local shop.

And, when it comes to presents, 26% will be visiting local gift shops, rather than relying on the internet to deliver all their packages. Other ways that Brits will be supporting their local community over the festive period include:

  • Going to a local restaurant for a Christmas Eve meal (37%);
  • Visiting a nearby barber or hairdresser (46%);
  • Having a Christmas Day pint at their local pub (49%).

Why do Brits prefer to shop local?

Over the month of December, Brits will make an average of six trips to gift shops, five trips to the butcher, six trips to the baker, five trips to a wine shop and six to a greengrocer. Those polled said that the top reasons for supporting local retailers are:

  • Because independent shops are within walking distance (55%);
  • It's more sustainable to buy locally-produced goods (33%);
  • It's nicer to go to shops where people recognise you and there's a sense of community (28%).

In fact, as many as 72% of those surveyed said they are friendly with the small business owners around them and 30% say that they shop locally to help them stay in business.

More than half of the independent retailers surveyed (57%) said that they have extended their opening hours to deal with a busy Christmas, even though the majority are also concerned about increased running costs (74%) and energy prices (80%) this winter.

"It's great to see Brits supporting their local businesses this Christmas. We can see over half of local businesses are going to extend their hours, even though running costs, including energy, remain a concern." Victoria Bacon, director at Smart Energy GB.

Christmas is a vital time for small businesses, with 76% of small business owners saying that the festive period is the most important time of year for generating turnover. In fact, 52% say that if they don't have a profitable Christmas they would struggle to continue operating in 2025.

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.