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We're here with practical tax information for your business. Find out about business taxes, tax planning and more.

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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 e-learning guide - business expenses for the self-employed

When you are self-employed, every penny counts. Being able to claim 'allowable expenses' can make a big difference. But it's important to know what you can claim for and how these expenses are worked out.

The HMRC e-learning package business expenses for the self-employed will tell you:

  • what allowable business expenses are
  • what is meant by revenue 'day to day' expenses
  • how to claim for larger items of plant and machinery known as 'capital allowances'
  • whether using flat rates for certain expenses or 'simplified expenses' could be an option for you

If in doubt, a good accountant or tax adviser can help you understand the essentials and make sure you are claiming the right expenses.

Business expenses for the self-employed >>

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