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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.

Small business vacancies reach new high

24 May 2022

As the number of small business job vacancies soars above 500,000, a new study has investigated what small business owners are looking for in their next employee.

Small business job vacancies have hit a record high of 575,000, up by 72% from the same period last year. With unemployment at a 50-year low of 3.7%, it suggests that there may be more roles than people to fill them. According to the Office for National Statistics (ONS), a record number of people are also moving between jobs as they seek out the best terms and conditions, driven by the rising cost of living.

For small firms, recruiting the right candidate is vital; a new study has found that business owners say personal attributes are more important than qualifications and professional skills. Research conducted by iwoca has found that honesty is the top attribute that small business owners are looking for when hiring (cited by 44%), followed by a good personality (38%).

Other key attributes that business owners are looking for include:

  • A skill set that matches the job description (37%);
  • Experience in a similar position (37%);
  • Good verbal communication skills (34%).

However, just 6% said that they look for candidates with undergraduate degrees. Getting hiring right is essential for future success according to business owners; one in six (15%) say poor hires prevent future company growth and one in ten (11%) say it leads to fewer sales.

The research suggests that one way to ensure your new hires meet their potential is by offering them the opportunity to work from home. Of those businesses that offer flexible working, nearly half (42%) said that flexible working arrangements had a positive effect on productivity, compared to just 7% who said it had a negative impact. Millennial business owners are more likely to offer working from home than older generations by eight percentage points (43% compared to 35%).

Seema Desai, chief operating officer at iwoca, said: "Small businesses employ over two-thirds of the nation's workforce. Some of the perceived barriers to applying for a job, such as having a degree, might not be as high as some job seekers think they are. Our research reveals the importance of strong personal skills when applying for roles, and the importance of hiring to the future growth of any business."

Written by Rachel Miller.

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