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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.

Wellbeing beats money as employee priorities shift

19 January 2021

A new YouGov survey has revealed how British attitudes to work have changed due to the coronavirus pandemic.

Coronavirus has had a profound impact on how we work, with the number of British employees working from home rising from just 5% before the pandemic to one in two in 2020, according to the Office for National Statistics (ONS). Now, aYouGov poll, conducted on behalf of Vestd, has uncovered how this seismic change has affected attitudes to work.

The survey findings reveal that the top motivator for employees is being appreciated by managers - cited by over one third of respondents. After recognition, "a large salary" comes second. However, 65% of workers also said they now prioritise wellbeing over cash, rising to 73% for female employees.

The poll found that the most demotivating factors in the workplace are:

  • Poor communication from management (cited by 70%);
  • Poor salary and/or benefits (68%);
  • Job insecurity (63%);
  • Micromanagement (60%);
  • Lack of confidence in management/leadership (57%).

The poll also shows that a third of under-25s currently in work are actively looking for new jobs. By contrast, only 8% of those over the age of 55 are looking for new employment.

For those on the hunt for a new role, 66% of UK workers say they want flexibility and the ability to work from home (or anywhere else). It suggests that unless companies can offer home working, they could be closing off their business to thousands of jobseekers.

In second place, nearly one in three said that a company share scheme would tip the balance for them when seeking a new job. The findings suggest that share schemes are seen as a way to enhance employee benefits in lieu of larger salaries. UK workers polled said that share schemes are good for staff retention and productivity, boost team morale and demonstrate respect from management.

Looking ahead, the survey found that more than half of Brits are feeling "fairly positive" or "very positive" about 2021. "It's great to see that so many people are geared up for a productive and positive 2021," said Ifty Nasir, founder and ceo of Vestd.

Commenting on the poll findings, he said: "It's no surprise to me that people are seeking stability and flexibility over higher wages at this time."

Written by Rachel Miller.

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