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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.
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.
We've included useful tools and calculators, but most employers find it easiest to get professional payroll help. Your accountant can advise you on what system would suit you best and the services on offer.
Payroll taxes are generally collected through the PAYE (Pay As You Earn) system operated by employers. If you have employees, you'll almost certainly be required to operate PAYE unless all your employees have low earnings, aren't given any additional benefits or don't have income from another job or pension.
This applies even if you have set up a company with yourself as the only employee. You do not have to collect payroll taxes through PAYE if you are self-employed and have no employees.
Payroll taxes handled through PAYE include income tax and National Insurance contributions deducted from employees' pay and the employers' National Insurance paid by the business. The PAYE system involves calculating and paying any payroll taxes due to HM Revenue & Customs (HMRC), generally on a monthly basis.
The way you report PAYE to HMRC changed in 2013. All businesses now report payroll information and send the tax and NI deducted electronically to HMRC every time an employee is paid - known as Real Time Information (RTI) - (instead of annually through form P46).
To do this you will either need to use RTI compatible software or outsource your payroll to a payroll bureau or your accountant. Alternatively, HMRC has produced basic PAYE tools and calculators which are suitable for small employers to use to fulfil their online filing requirements.
The RTI PAYE system is linked to employees' benefit payments - now known as Universal Credit payments - to improve the accuracy rate of tax payments and benefits.
All UK businesses now have an online personal tax account. You can view your tax transactions across the range of business taxes including Self Assessment, Corporation Tax, VAT and PAYE for employers and to make payments at any time.
The PAYE system also covers the payroll taxes due on most employee benefits, such as expenses, health insurance and company cars. The main exception is any pension contributions the business makes into an approved pension scheme. There are no tax or National Insurance payroll taxes on the value of this benefit.
In most cases, the payroll tax for benefits is assessed and collected annually. The employer must also provide details to employees, who may need to declare benefits (and income) in their own self-assessment tax returns.
Effective management of payroll taxes requires you to keep accurate records of employee details, pay and benefits. You need to calculate payroll tax deductions and make accurate, timely payments and provide payroll information to both employees and to HMRC. You also need to deal with complications such as statutory sick pay and student loan repayments.