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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.

Spend on Small Business Saturday breaks new record

15 December 2020

The organisers of the Small Business Saturday event have estimated that UK shoppers spent £1.1 billion on the day, as shoppers showed support for their local high streets after a tough year.

The UK's eighth annual Small Business Saturday, which took place on 5 December 2020, saw 15.4 million people hitting the high street and shopping in independent retailers. Research commissioned by Small Business Saturday founder American Express has revealed that spend exceeded the billion pound mark for the first time ever, even though there was a fall in footfall.

Toluna polled 3,701 UK adults on behalf of American Express and found that the average per person spend was £70.74, up 56% from £45.42 in 2019. These figures indicate that UK shoppers spent £1.1 billion in small retailers on the day, using ONS figures for the UK adult population.

Of the shoppers who took to the high street on Small Business Saturday, 48% said they chose to spend money with small businesses as they wanted to support them after a tough year. Small Business Saturday also drew high engagement on social media, with #SmallBusinessSaturday trending throughout the day.

Michelle Ovens, director of Small Business Saturday, said: "It is fantastic to see such phenomenal, record-breaking support for small businesses, in one of the toughest years many have ever experienced. Small Business Saturday has been running for eight years, but this year's campaign has been our most vital. We are delighted that it's generated such a massive boost for small businesses, at a time they are facing huge challenges with the ongoing effects of the pandemic.

"I have no doubt that this strong support for small businesses has been driven by recognition of the critical role they played in our communities during lockdown. So many firms worked hard to pivot and adapt their businesses during this national emergency, often stepping in to offer useful services, vital products, as well as being a source of practical support and kindness, particularly for the NHS and frontline workers.

"While there is light at the end of the tunnel for 2021, with a vaccine, this winter is still going to be tough for many small businesses and it's so important that we all continue to support them. This year Small Business Saturday is not just about one day, but all of the small actions that individuals can do across the winter to add up to one big impact."

American Express is also incentivising its card holders to support their local small shops with its Shop Small offer. From 5 to 20 December 2020, they will receive a £5 statement credit when they spend £10 or more in-store at participating small businesses. The offer is valid for use up to ten times, once per participating location, which means shoppers can earn a total of £50 in statement credits.

Written by Rachel Miller.

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