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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.
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.
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.
Making Tax Digital is a UK government initiative that aims to make tax administration simpler, more effective and more efficient by digitising record keeping and tax reporting.
First announced in 2015, Making Tax Digital has been delayed several times. The eventual roll-out of Making Tax Digital began with VAT in April 2019.
Initially, Making Tax Digital for VAT only applied to those businesses with turnover above the VAT threshold in force at the time. Making Tax Digital for VAT was extended to all VAT-registered businesses, regardless of turnover, in April 2022.
Making Tax Digital is now being extended to income tax. From April 2026, sole traders, self-employed business owners and landlords with annual business income of more than £50,000 per year will be required to:
Making Tax Digital for Income Tax will be further extended to those with income above £30,000 per year from April 2027, and to those with income above £20,000 per year from April 2028. It is also expected that Making Tax Digital will be extended to members of partnerships and limited liability partnerships and sole traders and landlords with income below £20,000 per year.
The implementation date for Making Tax Digital for Corporation Tax is yet to be announced.