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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.

HMRC warns of scams as self assessment deadline looms

26 November 2024

British tax-payers are being urged to watch out for tax refund scams as the 31 January tax return deadline draws closer.

HMRC has revealed that concerned customers reported nearly 150,000 scam referrals to HMRC in the past year. With millions of people due to complete their self assessment tax return and pay any tax owed by 31 January 2025, fraudsters are targeting people with offers of tax refunds or demanding payment of tax in order to get hold of personal information and banking details.

Around half of all scam reports (71,832) in the last year were fake tax rebate claims. There has been a 16.7% increase in all scam referrals to HMRC - 144,298 were received between November 2023 and October 2024, up from 123,596 in the previous 12-month period.

If someone receives any kind of communication claiming to be from HMRC that asks for their personal information or is offering a tax rebate, check the advice on GOV.UK to help identify if it is scam activity.

You can report any phishing attempts to HMRC by:

  • Forwarding emails to [email protected].
  • Reporting tax scam phone calls to HMRC on GOV.UK.
  • Forwarding suspicious texts claiming to be from HMRC to 60599.

HMRC stresses that it will never leave voicemails threatening legal action or arrest, or ask for personal or financial information over text message - only fraudsters and criminals will do that.

"With millions of people filing their self assessment return before January's deadline, we're warning everyone to be wary of emails promising tax refunds. Being vigilant helps you spot potential scams. And reporting anything suspicious helps us stop criminal activity and to protect you and others who could have received similar bogus communication. Our advice remains unchanged. Don't rush into anything, take your time and check 'HMRC scams advice' on GOV.UK." Kelly Paterson, chief security officer at HMRC.

HMRC offers this advice to tax-payers:

  • HMRC will not contact you by email, text or phone to announce a refund or ask you to request one.
  • Anyone who is due a refund from HMRC can claim it via their online HMRC account or the free and secure HMRC app.

Written by Rachel Miller.

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