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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.

UK entrepreneurs rethink their business banking

7 May 2025

Three-quarters of UK entrepreneurs rethink their business banking needs amid digital and financial shifts

New research from the Current Account Switch Service reveals that almost three quarters (73%) of the UK’s small business owners would consider switching to a new business bank account if it better suited their needs – with lower fees (50%), switching incentives (34%), and improved interest rates (31%) cited as top motivators. 

This openness to switching is particularly pronounced among younger entrepreneurs (aged 18–24), 84% of whom say they would consider changing their current account – reflecting a new generation who are more digitally savvy and open to change. 

Despite their growing importance, nearly one in three (29%) small business owners still rely on personal current accounts to manage their business finances, limiting access to essential features such as accounting software integration, tailored advice, and structured support. 

The research also highlights the key features SMEs value most in a business current account: 

  • Mobile banking leads, with 54% rating it a top feature – particularly among older SMEs and those based in rural areas. 
  • Fee-free banking (44%) and high-quality customer service (37%) remain top priorities. 
  • Integration with accounting software is important to nearly two-thirds (65%) of SMEs – especially younger founders and digital-first businesses.

And while digital tools are increasingly vital, physical access still matters: 57% of SMEs say access to a local branch remains important, particularly in Northern Ireland and among larger businesses.

Small and medium-sized enterprises (SMEs) are the backbone of the UK economy, making up 99.8% of all businesses and employing over 16 million people. Yet access to financial services remains a challenge.  

In 2023 alone, 140,000 businesses were "debanked", and loan approval rates have dropped to below 50% in 2025 – intensifying the pressure on SMEs to find financial services that better suit their evolving needs.  

Whether it’s access to better digital tools, fairer fees, or improved service, the Current Account Switch Service makes it easy for SMEs to switch to a banking partner that better suits their needs.  

“Using the right account structure is vital – not just for staying on top of business finances, but for unlocking the full potential of banking tools designed to support SMEs. As with a personal account, your business current account should support your financial goals.

“With small businesses across the UK looking to the future, many owners don’t realise how much easier their financial admin could be with the right support. As we mark the beginning of a new financial year, now is an ideal time to consider whether your business banking is still working for you.” John Dentry, Product Owner at the Current Account Switch Service

Made possible by MPH Group for the Current Account Switch Service.

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