Are you in the dark when it comes to business taxes? We’ve got the lowdown on the key taxes your new business will need to pay – so you’re on top of your tax liabilities.
Once you’ve registered your business as a limited company, you become liable for paying taxes on the profits you make. But what business taxes are there? And how do you know which of these taxes to pay?
To answer this, we’ve created a short ‘Back to Tax Basics’ email series, to give you the full lowdown on your tax responsibilities as a company director.
Understanding the main business taxes
Despite HMRC’s motto of ‘tax doesn’t have to be taxing’, the UK tax code can be a complex thing to get your head around.
If you’re not a trained accountant and have limited experience in financial management, understanding the rules around business taxes can be confusing. So, to start with, let’s look at the main business taxes you’re likely to register for.
Key business taxes include:
Learn more about the basics of business tax.
So, there you have it. That’s the basics of the key business taxes you’ll need to think about as a new business owner. In the next part of this series, we’ll look at the taxes you’ll be liable for as a director, and how these personal taxes tie in with the profits you take out of your business.
Get in touch if you have any questions about tax and let’s find out how we can help from The Stan Lee.
Muhammad Solaiman FCCA [also CILEX Practitioner (ACCA-Probate)] is a Chartered Certified Accountant and the founder partner at Stan Lee Accountancy Ltd (T/A: The Stan Lee), an ACCA registered…
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