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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.

Claim a National Insurance rebate

National Insurance contributions 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 some circumstances, it is possible to overpay NICs, for example:

  • if you have a high income and are both employed and self-employed;
  • if you have more than one employed job;
  • if you have reached state pension age but have continued to pay NICs.

You can find out how to claim a National Insurance rebate using this tool on the GOV.UK website, which directs you to the correct form, helpline or postal address. It does not as yet allow you to submit a refund claim online.

You will need to know specifically what class of NI rebate you are applying for, as there are different methods for reclaiming.

 

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