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.

Two in three small firms expect growth in 2022

15 February 2022

British small businesses and many freelancers are getting back on track after two years of COVID disruption, according to new research.

A new report published by Small Business Britain and TSB, How to Recover, has found that 86% of UK entrepreneurs are "fighting back" and believe their business will survive this year, despite half admitting that their financial stability took a hit because of the pandemic. In fact, two-thirds (66%) of business owners say they expect their business to grow in 2022.

The How to Recover report also includes guidance for small firms on ways to adapt to change, implement new technology and build skills for the future. Michelle Ovens, founder of Small Business Britain, said: "The last two years have brought a rollercoaster of fortunes for small businesses … It is incredible how small businesses have used their entrepreneurial instincts to dig deep and keep going. But keep going they must! With the right mindset and the help of support networks, innovations like technology and new products and services, small businesses can make it through this crisis and be well positioned for recovery."

There is more optimism in Dun & Bradstreet's annual B2B Sales and Marketing Data Report, which has found that 87% of businesses say their sales and marketing performance has returned, or is returning, to pre-pandemic levels, despite 61% reporting a marketing and revenue services performance downturn in the past two years.

A key component of this recovery, according to the report, has been a shift in the priorities of marketing teams towards an increased use of data and digital channels. "With the pandemic having seriously limited sales and marketing teams' ability to identify and reach new customers, the renewed focus on data quality is going to play a key role in ensuring that they're able to better adapt to challenges in the future," said Will North, senior director at Dun & Bradstreet.

Meanwhile, 2022 is also looking bright for many UK freelancers, according to a study by freelancer body IPSE and tech platform Worksome. This new report has found that UK-wide staff shortages have been good news for self-employed workers, with 47% of freelancers seeing more demand for their services as a result. In addition, 16% of freelancers said that the pandemic directly led to them becoming a freelancer and of these, 57% of former full-time workers are now earning more than before and 74% say they are happier.

However, things have been tough for a significant number of freelancers, with a worrying 47% of freelancers saying that they are still concerned about their financial security. Morten Petersen, ceo and co-founder of Worksome, said: "While the freelance market may be buoyant again, it's clear that the darkest days of the pandemic and lockdown will have an impact on the freelance community for years to come. It's crucial for government, business and civil society to come together to support this group of crucial workers who were not necessarily supported as well financially during the pandemic as others."

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.