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.
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 scoured the web to get you the most up-to-date advice which includes the most useful tools on offer from the officials themselves. The list below gives a summary of the key tax rates and allowances for the current and previous tax years and forthcoming changes to tax rates and tax thresholds where they have been previously announced. Use the links for further details.
From 1 April 2023, the rate of corporation tax payable depends on the level of profits made by a company.
Find corporation tax rates for earlier years by visiting the HMRC pages.
You can use the HMRC marginal relief calculator for company profits between the small profits rate threshold and the main corporation tax threshold.
From 1 April 2023 until 31 March 2026, businesses investing in qualifying plant and machinery will qualify for a 100% first-year allowance for main rate assets meaning they can write off the full cost in the year of investment.
Companies investing in special rate (including long life) assets will benefit from a 50% first-year allowance in the year in which they make the investment.
The Structures and Building Allowance is 3% for both corporation and income tax purposes.
The annual investment allowance (AIA) has been fixed at £1 million.
For investments in plant and machinery over the AIA, writing down allowances spread the tax deductions over time. The rates are:
For motor cars:
Special rules apply for some types of assets. Guidance can be found on the GOV.UK pages.
For companies, gains or losses on disposals of assets are dealt with through corporation tax.
If you sell or dispose of a business asset, corporation tax is payable on any profit (chargeable gain). When working out your gain, you can use indexation allowance to reflect the increase in value from when the asset is acquired to when it is eventually disposed of.
Indexation allowance was frozen on 1 January 2018. Find information on indexation allowance on the GOV.UK website.
For sole traders and partnerships, disposals of assets are dealt with through capital gains tax, usually as part of their annual self assessment return.
Find current and historic business rate multipliers by visiting the Valuation Office Agency website.
Stamp duty on non-residential property purchases and lease premiums has remained the same since 17 March 2016:
There is an additional 5% surcharge for non-UK residents purchasing residential property in England and Northern Ireland.
Find further details of stamp duty land tax (SDLT) rates and thresholds for both commercial and residential property and various reliefs by visiting the HMRC website.
The VAT registration and deregistration thresholds and rates are:
Smaller businesses can simplify their VAT with special accounting schemes. The VAT taxable turnover limits are:
Class 1 employee and employer weekly thresholds:
Class 1 rates:
The main self-employed rates are:
Find further details for National Insurance contributions (NICs) rates and thresholds for employees, employers and the self-employed by visiting the HMRC pages.
Taxable income for employees is calculated after taking into account their tax-free personal allowance.
Visit the HMRC pages to find further details for PAYE rates and thresholds for employers.
Use the HMRC tax checker for employees for a quick assessment of whether you paid the correct tax for a previous year. This calculator is not suitable for the self-employed.