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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.

Check your National Insurance record

The payment of National Insurance contributions entitles people to certain state benefits such as the state pension, maternity allowance and bereavement benefits. NICs are payable if you are:

  • aged over 16;
  • an employee earning more than £166 a week for 2019/20 (£162 for 2018/19, £157 for 2017/18);
  • self-employed with profits over £6,365 for 2019/20 (£6,205 for 2018/19, £6,025 for 2017/18).

In order to get a full state pension, you must have made NICs for 30 years (or have sufficient NI credits).

For the most recent available information, the best place to check is online using your personal tax account if you have registered for this service. This will cover up to the start of the current tax year.

Or, you can request a National Insurance statement from the GOV.UK website for tax years that ended more than 12 months ago.

Both will tell you:

  • what National Insurance payments or credits you have for the tax years requested;
  • what class of contributions you made;
  • if there are any payment or credit gaps (years with payment gaps may not count towards your State Pension);
  • whether you can pay voluntary contributions to fill the gaps and how much it will cost.

However, neither tell you how much State Pension you're likely to get.

You can also call the National Insurance helpline on 0300 200 3500 to request a statement.

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