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Business Taxes

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 Inland Revenue website, as well as information about how to pay less tax.  (Follow the weblink provided in the right hand panel of this page)