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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.

Small firms step up to help their communities

2 June 2020

As businesses across the UK adapt to survive during the coronavirus crisis, many small firms are also making significant efforts to support their local communities.

A new report from the Federation of Small Businesses (FSB) has shed light on the scale of small business efforts to help their communities during the current crisis.

Although many small firms and self-employed individuals have had to temporarily shut down and face uncertain futures, FSB research has found that they are engaging with their towns, cities and local areas to selflessly help their communities.

The report, New Horizons, reveals that:

  • 57% of small firms are carrying out community roles during the crisis;
  • 23% of small businesses are helping key workers by providing PPE, volunteering and offering accommodation;
  • 24% have made donations to local food banks;
  • 30% of all small business owners have prioritised and supported vulnerable customers, with 19% offering free home deliveries.

The findings also show how many small businesses have reinvented their business models, products, services and business practices. For instance, 10% of small firms have introduced new services and 16% have developed a new online presence or improved their online offering.

FSB national chair Mike Cherry said: "Small firms have long been the champions of innovating, adapting and engaging with others especially during difficult periods, and the current situation is no exception.

"Right across the country we are seeing countless acts of kindness, volunteers and community efforts on display from small businesses and the self-employed, helping each other to survive, recover and thrive."

Cherry added: "Small businesses have introduced new creative solutions and frugally innovated to keep afloat and help others at this critical time. They have developed a wide range of innovative marketing strategies to provide their products and services during the lockdown.

"Small businesses remain the backbone of the economy, pillars of local communities and crucial outlets of support. Government support has ensured that many of these businesses can either continue to trade in some way or pick up where they left off after the crisis. That's why it's more important than ever to support our small businesses wherever possible."

Written by Rachel Miller.

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