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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.

Tradespeople warned of tool theft crime wave

4 July 2023

Tradespeople are being urged to step up security as theft of tools and equipment is sweeping through UK construction sites.

New research by NFU Mutual has found that a worrying 89% of tradespeople have experienced theft. Now crime specialists are warning that world events, including the conflict in Ukraine, is driving up demand for stolen goods.

NFU Mutual is warning people not to be complacent as its study finds that 78% of tradespeople and contractors admit they have left machinery and tools in a vehicle overnight. Vans are a key target for criminals, with nearly six in ten experiencing theft from their vehicle (58%). And over half (55%) have experienced theft of their items from a building site, as 83% say they have left portable tools and equipment on site overnight.

Tradespeople say the main impacts of these thefts include loss of income (55%) and extra costs to replace or hire new kit (43%). Over a third also say that theft has an impact on their mental health (34%).

How to protect equipment and tools

Despite this, the study found a significant number (43%) of tradespeople don't have a full list or know the value of what they own, which could make it difficult to report crimes to the police or track recovered items back to their owners. The findings also show that:

  • Only 59% of tradespeople record tool/equipment serial numbers;
  • Just 41% keep photographic evidence of their tools and 17% video their equipment.

"The cost of replacing kit and machinery has increased significantly due to supply chain issues in recent times," said Zoe Knight, commercial specialist at NFU Mutual. "We are advising tradespeople to know what they own by recording serial numbers and keeping up to date with current market values."

The Equipment Theft (Prevention) Bill has passed through the House of Commons and is expected to be signed into law later this summer. It aims to ensure high-value tools and machinery are marked, registered and traceable if stolen, making it harder for thieves to sell stolen tools, and help reunite them with their owners.

"There is nothing more frustrating than having to hand suspected stolen property back to a known offender, because the person who has lost them didn't take the time to accurately record the information when they purchased them. This means that we also can't prosecute and bring offenders to justice, meaning they can carry on stealing tools without fear of retribution." Detective Constable Chris Piggott, field intelligence officer for the National Construction and Agri Thefts Team.

Security advice for tradespeople from NFU Mutual

  • Minimise storage of tools and equipment in vans.
  • Don't leave items on display in a van.
  • Make sure vans are alarmed and park against a wall so that doors cannot be easily opened.
  • Use locks on buildings which comply with BS3621.
  • Consider intruder alarms for high-value equipment.
  • Store portable items within a robust, lockable store that is fixed in place.
  • Secure free-standing equipment to a fixed point even in a building.
  • Restrict and control vehicular access to the work site.
  • Consider a video security system.
  • Security mark your tools and equipment.
  • Don't stockpile high-value materials such as lead and copper.
  • Use CESAR marking, tracking and immobilisation for construction vehicles .
  • Check all locks and security measures before leaving any site.

Written by Rachel Miller.

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