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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 firms ask for more government help to get to Net Zero

8 November 2022

Small businesses across the UK are calling on the government to take more of a lead to encourage and support the green initiatives of small enterprises.

A new poll of small business owners conducted by Novuna Business Finance has found that most small businesses are committed to tackling the climate emergency despite the immediate economic challenges they face - but many would like to see government do more to support the green initiatives of small firms.

Despite the tough economic climate:

  • 85% of UK small businesses are working hard to put green issues higher up the agenda
  • 17% have green issues on the agenda for senior management meetings
  • 17% run green incentives for their staff
  • 21% encourage staff ideas on green projects
  • 16% run staff education programmes on the urgency of climate change issues.

These positive steps continue in spite of the economic challenges facing small businesses, who cite their top worries as:

  • the rising cost of living (47%)
  • rising fuel prices (34%)
  • the economic impact of COVID (34%)
  • rising interest rates (24%)
  • the long-term impact of Brexit (23%)

However, many small business owners say the government could be doing more to help them. Only 20% of small businesses cited the influence of government advice on their move to use renewable energy. The figure was even lower when it came to presenting the case for electric vehicles (19%), using less packaging (12%), cutting down on business travel (11%) or weighing up the relative benefits of staff car sharing schemes (9%). In addition, 28% of enterprises say the government should give small businesses clearer guidelines on what steps they can take to help supply chains become greener.

Joanna Morris, head of insight at Novuna Business Finance, said:

"Successive governments have done a great deal to support Net Zero and the green agenda but, despite the current and immediate economic challenges, now is the time to maintain a focus on the climate commitments made in recent years.

 

"The global debate on climate change often focuses on major businesses and their role as change agents. Yet it is clear from our research that the small business community has a vital role to play. Combined, they employ three-fifths of the UK workforce and their relative size and agility means they can adapt more quickly. Furthermore, whilst many small businesses are making good progress on the road to becoming Net Zero and sustainable, they expect government to take a lead - to devise policies, offer support and frame guidance that small businesses can follow."

Written by Rachel Miller.

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