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We're here with practical tax information for your business. Find out about business taxes, tax planning and more.


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.


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.

SME outlook is polarised in new FSB survey

28 July 2020

The latest poll by the Federation of Small Businesses has found a significant divide when it comes to small business confidence.

The FSB Q2 Small Business Index has found that 23% of 1,400 business owners surveyed expect their performance to be "much worse" over the coming quarter compared to the last quarter. However, more than one in ten (13%) expect their prospects to be "much improved".

The key findings show that:

  • 58% of firms surveyed expect their performance to remain stable or worsen over the next three months;
  • 42% expect a relative improvement as lockdown restrictions lift;
  • 75% say that coronavirus is having a negative impact on their confidence levels (down from 88% in Q1);
  • 82% say they are operating below capacity.

The share of small firms that have reduced headcounts over the past three months is at an all-time high (23%), while those recruiting stands at just 4%, an all-time low.

Mike Cherry, FSB national chairman, said: "Given so many small firms are already being forced to reduce headcounts, policymakers will need to keep existing interventions under close and continuous review to ensure they are sufficient. They should also be conscious that tax increases for small businesses and the self-employed would risk stifling any nascent recovery."

Those in the construction and accommodation and food service sectors are among the most confident about a relative uplift in performance next quarter, with 29% and 26% expecting a significant improvement respectively. Among the least confident are those in the wholesale and retail and arts and entertainment sectors, where only 13% and 2% have a positive outlook.

The latest Coronavirus Business Impact Tracker from the British Chambers of Commerce (BCC), in partnership with jobs site Indeed, describes the UK economy as "still in first gear". Its findings show that the steep decline in business conditions seen at the start of the pandemic is levelling off, but firms still face extremely challenging conditions.

On average, businesses said they were at 53% of their full pre-pandemic capacity. Customer demand (54%) and possible future local lockdowns (52%) were cited as the top two obstacles to maintaining day-to-day operations.

With flexible furlough being introduced at the start of July, just 31% of business owners said they had now furloughed staff on a part-time basis, while 56% said they still have staff furloughed full-time. More than one in ten (13%) of respondents said they had made redundancies since the beginning of the crisis, with 33% saying they intended to make further staff cuts over the next three months.

"Our findings demonstrate that the UK's economic restart is still very much in first gear," said BCC director general Adam Marshall. "Businesses are grappling with reduced customer demand, an on-going cash crunch, and the potential for further lockdowns during an uncertain autumn and winter ahead.

"The time has come for the government to take radical steps to slash the tax burden around employment to help companies pay valued staff, rather than the Revenue. A major boost to the Employment Allowance and an increase in the threshold for employers' National Insurance contributions should both be in the chancellor's sights if he wants to help viable companies save jobs as the furlough scheme comes to an end."

Written by Rachel Miller.

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