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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.

Side hustles bring in more than £22,000 a year

24 May 2023

New data from GoDaddy suggests that side hustles generate £22,900 a year on average.

Side hustles can be quick and cheap to set up and they bring in significant profits for workers looking for an additional income. These are the findings of a new report by domain registrar and website hosting company, GoDaddy. Its data reveals that the average income from a side hustle is an impressive £22,900.

The findings also show that:

  • 58% of side hustlers set up their business for less than £500;
  • 48% took just a few days to set up their ventures;
  • 70% hope to turn their side hustles into full time ventures;
  • The average age of side hustlers in the UK is 32.

E-commerce has been at the heart of this success, says GoDaddy, with online side hustles generating £21,400 a year on average. Almost two-thirds (60%) of online side hustlers expect their venture to grow by the end of 2023, while just 3% think they will decline.

The research also shows that increasing numbers of entrepreneurs are using artificial intelligence (AI) to help build and grow their businesses. More than a third (35%) have used AI tools to contribute to their business in some way, with generating social media copy (47%), conducting market research (41%), devising social media strategy (39%) and researching competitors (30%) the most common uses for the technology.

Written by Rachel Miller.

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