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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.

Register as a sole trader

Sole traders must register with HM Revenue and Customs (HMRC) when they start trading. It is advisable to register as soon as you start trading but you should register by 5 October in your business' second tax year at the latest.

You should allow 10 working days (21 days if you're abroad) to complete the registration process. HMRC will send you an activation code which you will need to log in to your online account.

If you have never registered with HMRC before, you can register your new business with HMRC on the GOV.UK website.

If you have been registered as a sole trader in the past or have submitted a self-assessment tax return before, you can re-register with HMRC using form CWF1.

You will need your 10-digit Unique Taxpayer Reference (UTR). You can find your UTR on previous tax returns, your online account or other documents from HMRC or by calling the Self Assessment helpline on 0300 200 3310.

Once you have registered as self-employed, you will need to:

  • keep a record of your business' sales and expenses
  • complete a self-assessment tax return
  • pay any tax and National Insurance you owe
  • register for VAT if your turnover reaches the VAT threshold
  • register with the Construction Industry Scheme (CIS) if you're a contractor or sub-contractor in the construction industry

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