There are various kinds of taxes that you might have to
pay if you working for yourself or are in business
with others.
These may include:
- Income tax and
self-assessment
We've all heard of income tax, but do you know how it works for
self-employed people?
- National Insurance contributions
There are several different types of National Insurance
contributions that individuals and employers might have to
pay.
- Value Added Tax - VAT
If your taxable turnover hits £56,000 a year (or you expect
it to), you will have to register with HM Customs and
Excise for VAT.
- Corporation Tax
Companies pay this tax on profits to the Inland Revenue.
- Capital Gains Tax - CGT
Individuals pay this tax if they make a certain amount of profit
(gain) when they sell (dispose of) an asset.
- Stamp Duty
Stamp duty is collected on the purchase of property, stocks or
shares, or when a long or high-value lease is signed.
- Importing and Exporting
If you import goods from outside the European Union, you may have
to pay taxes on them.
Full details about all of the above taxes are available on
the HM Revenue
and Customs website, as well as information about how to
pay less tax.
Troubled by tax or National Insurance?
Your local Revenue and Customs Business Support Team offer a
series of free, local workshops designed specifically with new and
small employers and businesses in mind. The workshops are run
for small groups of people who are in the same situation as
you.
Specially trained Business Advisers will work with you
through practical examples and help you to understand what you need
to know.
Half day course or one to one consultations area available
free of charge, with full details available on the Inland
Revenue website.