Understanding your tax obligations is crucial for UK business owners. Taxes include income tax, corporation tax, VAT, NICs, and business rates, each with specific requirements.
Limited companies in the UK are subject to corporation tax on their profits, with a current rate of 25% over £250,000, and a sliding scale for profits in between.
VAT registration is mandatory for businesses with a turnover exceeding £90,000, requiring them to charge VAT and submit regular returns to HMRC for compliance.
National Insurance Contributions are mandatory for both employers and employees, encompassing various classes depending on the business structure, significantly impacting the overall tax responsibilities for employers.
Collection
[
|
...
]