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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 small firms invited to apply for coveted SmallBiz100

6 June 2023

The Small Business Saturday campaign is calling on UK small firms to put themselves forward for the SmallBiz100 which showcases the best of Britain's small business community.

A nationwide search for the UK's 100 most inspirational small businesses has kicked off as part of this year's Small Business Saturday UK campaign.

Organisers are calling on small business owners from across the UK to apply to be featured in this year's SmallBiz100 line up, which highlights the best of Britain's small business community, as part of the countdown to the annual campaign on 2 December.

Small Business Saturday takes place each year on the first weekend in December, encouraging consumers to shop small and support independent retailers and restaurants as well as service and B2B businesses in their communities. Founded by American Express in the US in 2010, the UK campaign started in 2013.

"Small Business Saturday highlights the UK's incredible small businesses and celebrates the extraordinary contributions they make to the UK and our local communities. It continues to be a vital campaign, particularly given the ongoing challenges small firms have had … if you run an exciting small firm that brings something special to the world around you, we invite you to share your story with us! Whether you are online or on the high street, based in an office or at home, supporting consumers or other businesses in the supply chain, we encourage you to apply to be part of this year's line-up." Michelle Ovens, director of Small Business Saturday UK.

Britain's most inspiring businesses

Since the UK campaign started, over 1,000 small businesses have been featured in the campaign's SmallBiz100, representing a wide range of sectors - from an ice cream parlour in Dorset and a bookshop in Bognor Regis, to a PR firm in Worcestershire and a vintage furniture store in Glasgow.

Participants report that the experience has been positive for their business. Andrew Deighton, owner of training and consulting firm AWD Development Solutions, said: "Being chosen as one of the SmallBiz100 was a real boost in what had been a difficult year. It's a fantastically supportive and active community."

Lucy and Paul Hull, founders of Whitley Bay store For the Love of the North, said: "Being in the SmallBiz100 is such an amazing opportunity to shout loud and proud about what you do. To show off your passion and to inspire others who wish to pursue their dreams. It really is a fabulous community of like-minded small indie businesses."

Widespread support for Small Business Saturday

Last year, the campaign had the support of more than 90% of local councils as well as public support from the prime minister, leader of the opposition and the London Mayor; it also trended at number one in the UK on Twitter.

For the chance to be featured in this year's SmallBiz100, small businesses can submit a video application via the Small Business Saturday website. Applications close on 30 June 2023; successful applicants will be notified by email in August.

Written by Rachel Miller.

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