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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 prepare for end of zero-hours contracts

20 August 2024

The number of workers on zero-hours contracts has increased by 288% since 2020; however, plans by the government to crack down on unfair zero-hours contracts are likely to affect small businesses across the UK.

The government's Employment Rights Bill will introduce changes to laws around zero-hours contracts, with the King's Speech confirming that a ban on "exploitative" zero-hours contracts will be tabled.

The anticipated changes to employment law are likely to affect a number of key business sectors in the UK, especially hospitality, where 27% of staff are on zero-hours contracts. The number of people on zero-hours contracts has increased by 288% since 2020.

Digital staffing platform Coople has analysed the potential impact of changes to employment law and says that if zero-hours contracts are restricted, UK businesses may need to find alternative ways to manage staffing, particularly when both the business and the worker want flexibility in the contract. However, it suggests that a likely scenario would be that businesses could offer zero-hours contracts as long as they also offer candidates a contract with set hours.

"All companies who rely on workers on zero-hours contracts should pay close attention to the coming changes. It may be that businesses will have to find new ways of working in order to remain compliant with UK employment law." John Dawson, vice president of customer success, Coople.

Several models for flexible contracts could be considered by the government, including contracts that offer a set number of hours of work, spread out over a specific time period, while still allowing for varied hours. The UK could follow the example of countries like Germany, for example, where employers must offer a minimum number of hours per day or week.

Business insurance provider Uswitch has analysed the latest data from the Office for National Statistics (ONS) showing the number of zero-hour contract workers in the UK by industry, age and region.

Zero-hour contracts in numbers

  • Over one million people in the UK are on zero-hours contracts.
  • 10% of 16-24 year olds are on zero-hours contracts; many of these are students.
  • 5% of people over 65 are on zero-hours contracts.
  • 27% of those working in the accommodation and food industry are on zero-hours contracts.
  • London and the West Midlands are the UK's zero-hours contract hotspots.

Andy Elder, Uswitch business insurance expertsaid: "Businesses preparing for a world without zero-hours contracts must prioritise flexibility through strategic workforce planning. This involves investing in employee training, fostering a culture of adaptability, and leveraging technology to optimise scheduling.

"By creating clear, predictable work patterns and engaging in transparent communication, companies can maintain operational efficiency and employee satisfaction without relying on zero-hours contracts."

Written by Rachel Miller.

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