Your search for the tag tax produced 6 results.
Corporation tax is only applicable to net profits generated by limited companies; sole traders and partnerships pay income tax. By law, a company not only has to file its corporation tax return with HM Revenue and Customs, it also has to work out how much it has to pay – HM Revenue and Customs...
VAT (Value Added Tax)
VAT is tax paid on the value added at each stage of delivery of a product or service. It is a method whereby businesses act as tax collectors for the Government. If you are registered for VAT, by submitting a VAT return you can claim back what you have paid in VAT, and hand over what you have...
The crafts industry can involve handmade craft products, selling craft supplies or both.
Products are often sold at local or national specialist craft fairs, through internet shops or other specialist shops.
Competition in this field is rife, often requiring that craft designers provide new,...
Sole traders and partnerships must pay income tax on the net profit that the business has generated during the tax year (6 April – 5 April). Limited companies pay corporation tax, which is a set rate.
To work out your net profit, simply refer to your profit and loss account. However, remember...
Self-assessment allows you to complete your own income tax return. This simply means that you provide details of all taxable items for the financial year to HM Revenue and Customs. You don’t have to calculate the amount of tax that will be payable - HM Revenue & Customs will do this for you...
Accounts and Finance
This section will give you an overview to business tax and legislation. However, since this is one of the areas which small businesses often get wrong - we would strongly advise that you get professional help if you are in doubt.