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

Search

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.

Tipping Act brings new rules for employers from October

17 September 2024

New legislation could see millions of UK workers taking home more money in tips as the government introduces a Code of Practice on tipping that comes into force in October.

Millions of UK workers could take home an estimated £200 million more of their hard-earned cash, according to the government, as new legislation on tipping comes into force from the first of October. The legislation will require many employers to overhaul the way that they manage tips and it could benefit more than two million workers across the hospitality, leisure and services sectors.

Many hospitality workers rely on tips to top up their pay and are often left powerless if employers don't pass on service charges from customers to their staff.

The Code of Practice on the fair and transparent distribution of tips will make it unlawful for businesses to hold back service charges from their employees, ensuring staff receive all of the tips they have earned. The government is encouraging all businesses to follow the new requirements before they come into legal effect.

Commenting on the new legislation, Rufus Hood, country manager UK at Coople, said: "On 1 October, the government's 'Tipping Act' will come into force, meaning that companies that collect tips from customers will have new legal responsibilities regarding distributing them among staff, including agency workers. Companies will also be required to have a written tipping policy and share it with staff, as well as being required to keep records of any tips for three years.

"This will mostly apply to companies where customers regularly pay tips either with cash or card - putting money in a tip jar, making a card payment, or scanning a QR code. Any business where the employer receives the tip before the staff do will now be required to pay their employees their tips by the end of the following month."

Rufus Hood describes this as "major news for the hospitality sector, particularly bars and restaurants". He added: "On one hand, the Act puts additional pressure on businesses in an industry that is already facing high costs and low bookings. However, agency workers will now be legally entitled to the tips customers decide to pay, which will be very welcome news for these staff, who make up a large proportion of the workforce in hospitality."

Written by Rachel Miller.

Stay up-to-date with business advice and news

Sign up to this lively and colourful newsletter for new and more established small businesses.