Looking for Business Finance - then Sterling Capital Reserve have a range of useful products:
Online UK Business InformationBusiness FinanceFocus Promotional MerchandisingVAY or PAYE Arrears - Crown Debt Report
Monthly @work Cartoon by JasonWhatever.co.uk

Cartoons, Illustrations and Graphics by Jason Whatever - CLICK HERE for more details

Business Tax Section

Also Read -

This section covers Business Tax from VAT and PAYE to Income Tax and Company Car Tax.

VAT

A figure is set each year by the government, either the same as the previous year, or different, which if met by your company, you should register for VAT.

HM Revenue and Customs

The responsibility of collecting tax and paying out Tax Credits and Child Benefits belongs to HM Revenue & Customs (HMRC). HMRC was formed in 2005, the result of a merger of Inland Revenue and HM Customs and Excise. The department was created to ensure tax is paid at the right time, and any benefits or credits are paid correctly.

Import Tax

Importing or exporting goods has a seperate set of VAT rules from selling within the UK. You may have to pay import duty and VAT.

Corporation Tax

Corporation tax is paid by limited companies on their profits. Those who are self employed do not pay corporation tax, however some groups, even those who are not limited companies do.

Income Tax

You must complete a tax return every year if you: are self-employed, a company director, are earning enough to pay higher-rate tax, have complicated tax affairs, have made significant capital gains or are asked to by the Inland Revenue.

PAYE

Income tax is collected by the PAYE (Pay As You Earn) system for the inland revenue. This is deducted form the pay of employees, including directors, as they earn it. Income tax and national insurance contributions must be deducted by the employer and submitted to the inland revenue. We explain how this is done.

National Insurance

National Insurance is seperate to income tax and is collected by inland revenue. National Insurance goes towards benefits, such as state pensions and unemployment benefits. The NICs class which an individual pays can affect their entitlement to benefits. There are six classes of National Insurance.

Company Car Tax

Additional tax charges will be made on the benefit in kind of a company car. There will also be an additional charge if in addition to the car, free fuel is provided for private use. The employer who provides the company car will also be liable to pay Class 1A NICs on these benefits.