Skip to main content
We're here with practical tax information for your business. Find out about business taxes, tax planning and more.

Search

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.

IPSE warns of "devastating" gaps in support for self-employed

25 August 2020

The latest government statistics show that over one million freelancers in the UK are not eligible for state support during the coronavirus crisis.

The Association of Independent Professionals and the Self-Employed (IPSE) has warned that the lack of support for directors of limited companies and the newly self-employed is driving a drop in the number of self-employed workers.

IPSE is urging the government to consider ways to support "forgotten freelancer groups" in the event of a second wave.

Derek Cribb, ceo of IPSE, said: "The August SEISS statistics are a reminder that although the scheme continues to help a large proportion of the self-employed, over a million freelancers - including directors of limited companies and the newly self-employed - are not eligible for it. This is a stark omission that is devastating to hard working self-employed people across the UK.

"We are already seeing the consequences of the gaps in support in the steep drop in the number of self-employed people last quarter. A second grant opened earlier this week, still without even a nod to these forgotten groups, who now face yet more months with no support. With the threat of a second wave and further lockdowns looming, government must urgently consider ways to support these desperate forgotten freelancers."

Earlier this month, new data from the Office for National Statstics (ONS) showed that the number of UK self-employed workers fell by a record 238,000 in the second quarter of 2020. IPSE has said that the drop in self-employment is "almost certainly" because of gaps in self-employed support during the coronavirus crisis.

IPSE research also shows that self-employed quarterly incomes dropped by 25% after a record fall in the amount of work they were able to secure.

"In the second quarter of 2020, there was a disproportionate and disturbing slump in the number of self-employed in the UK - far more than among employees," said Cribb. "Going into a recession, we would normally expect a jump not a slump in the number of self-employed, as businesses look to the flexible expertise they offer."

Written by Rachel Miller.

Stay up-to-date with business advice and news

Sign up to this lively and colourful newsletter for new and more established small businesses.