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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 get financial support as Brexit changes bite

16 February 2021

The UK government has announced a £20 million SME Brexit Support Fund to help small businesses that trade with the EU.

The SME Brexit Support Fund is intended to support small and medium-sized businesses (SMEs) adjust to new customs, rules of origin and VAT rules when trading with the EU.

Small businesses who trade only with the EU - and are therefore new to importing and exporting processes - will be encouraged to apply for grants of up to £2,000 for each trader to pay for practical support including training and professional advice to ensure they can continue trading effectively with the EU.

The fund will be administered through the pre-existing Customs Grant Scheme and will open for applications in March. It has been established to help businesses prepare for stages two and three of the new import controls which come into force in April and July, as set out in the Border Operating Model.

New import controls are to be introduced in three stages up to 1 July 2021 to allow traders and hauliers time to adjust to new processes. It means businesses do not have to complete new import declarations for up to six months, unless they are moving controlled goods.

Members of the Brexit Business Taskforce have welcomed the additional support. Mike Cherry, national chair at the Federation of Small Businesses (FSB), said: "Small businesses, often with few cash reserves, are for the first time facing complex new customs processes, VAT requirements and rules of origin … The new fund will make a significant difference, and we are pleased that ministers have really engaged with us on this, and come up with an excellent response."

Allie Rennison, head of trade policy at the Institute of Directors (IoD), said: "Smaller firms simply cannot manage many of the processes themselves and require experts across a range of areas to assist with trade continuity, and we commend this government for responding to our call."

The new fund comes as the latest survey by the British Chambers of Commerce (BCC) finds that 49% of UK exporters and 51% of manufacturers have reported difficulties adapting to changes relating to EU-UK goods trade.

Commenting on the findings, BCC director general Adam Marshall said:  "The late agreement of a UK-EU trade deal left businesses in the dark on the detail right until the last minute, so it's unsurprising to see that so many businesses are now experiencing practical difficulties on the ground as the new arrangements go live.

"For some firms these concerns are existential, and go well beyond mere 'teething problems'. It should not be the case that companies simply have to give up on selling their goods and services into the EU. Ministers must do everything they can to fix the problems that are within the UK's own control, and increase their outreach to EU counterparts to solve the knotty issues that are stifling trade in both directions."

Written by Rachel Miller.

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