If you work at home and use only a small part of your home (e.g. If you have employees, you will need to pay Employer’s National Insurance contributions.įinally, when a sole trader or partnership sells assets that have increased in value, there may be capital gains tax to pay (limited companies pay corporation tax).īusiness rates are charged on most business premises. If you supply VAT-able goods or services, and your taxable turnover is above a certain limit (currently £85,000) then you will need to register for VAT. You may also have to pay business rates on your premises. Sole traders pay income tax, as do partnerships (with partners submitting separate tax returns), and also Employees’ National Insurance contributions. How this happens will depend on its structure. Primarily, your business will be taxed on its profits (the net amount of money it makes after losses and expenses). What tax your business pays will depend on how it’s set up, whether or not you have employees, and other factors such as your business assets and premises. Employers' National Insurance contributions. Your business may have to pay a number of different taxes, such as:
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