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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 returning to business as usual

8 June 2021

Nine in ten small firms expect to be running at full strength by the end of this year but the British Chambers of Commerce has warned that further government support may yet be needed.

UK small businesses are increasingly confident in their ability to grow and recover after the pandemic, according to the latest survey of 1,000 businesses (mostly SMEs) by the British Chambers of Commerce (BCC) in partnership with Funding Circle.

The poll findings show that the majority (63%) of UK businesses are emerging from lockdown with either concrete plans or intentions to grow their business over the next 12 months. The manufacturing sector (68%) is particularly optimistic, while 58% of the hardest hit business-to-consumer firms, in sectors such as hospitality, catering and retail, also anticipate growth.

Although the UK economy is yet to fully reopen, many businesses are already back up and running. More than half (53%) said they had already restarted or returned to pre-pandemic levels in April, with a further 27% expecting to reach this milestone by October. By the end of the year, 91% of businesses expect to have fully restarted, with only 1% not expecting to restart for the foreseeable future.

Unsurprisingly, business owners polled say the biggest barriers to reopening are COVID-related, such as the risk of further lockdowns (cited by 38% of respondents) or social distancing requirements (cited by 37%). Concerns around reduced customer demand (33%), inflation pressure (18%) and recruitment difficulties (14%) are also weighing on UK businesses.

"The ability of businesses to bounce back from the devastation caused by COVID is a huge testament to their resilience,' said Claire Walker, co-executive director of the BCC. "There is cautious optimism growing among firms that as the economy now gradually unlocks, they will be able to push on and return to growth. But the shadow of COVID is very long; many firms still feel uncertain about what the future holds. Having access to finance to help them weather this continuing uncertainty may well prove vital."

The BCC is calling on the government to continue to offer reassurance to UK businesses. Walker said: "Firms will feel more confident and will be more willing to invest in jobs and in developing their business, if government can give assurances that a safety net of financial support will be provided should there be a need for restrictions which reduce or stop commercial activity in order to protect public health."

One business putting its growth plans into action is Bird & Blend Tea. Having shifted the business online during the pandemic, it is emerging from lockdown with plans to add two new stores to its 12 existing locations. Mike Turner, co-founder of Bird & Blend, said: "We've seen really positive signs since reopening with steady footfall, especially with the turn in the weather over the last week. We're continuing to follow all social distancing guidelines, which do present some challenges such as when sampling or smelling teas, but our teams have been able to find ways to do this safely in a way that still means customers can have a great experience. Now, we are proud to be actively working towards opening more stores on high streets around the UK."

Written by Rachel Miller.

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