Business Tax – an overview
“The hardest thing to understand in the world is the income tax.” – Albert Einstein
At Yorkshire Powerhouse, we work with small to medium-sized businesses to support them and help them grow. We’ve like to bring you relevant information on different aspects of taxation that apply to small businesses so please subscribe to our newsletter (below) to keep yourself informed.
As a business owner or company director, knowing whether or not you’re paying the right amount of tax can be tricky. The finer details and legislative points are probably best left to the accountants, but it’s still important to have an understanding of the different taxation systems implemented by HMRC.
This guide and the following pages will use straightforward terminology to explain the different types of taxes that can affect your business, giving you a brief overview of what they are and how they’re calculated. We’ll look at:
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When you should start paying these taxes depends on your company’s individual circumstances; whether you’re a sole trader or a limited company, how much profit your business generates, and your annual turnover.
Your business and circumstances are completely unique to you, and so the best advice we can give is to speak to an expert in accountancy.
Taxation can be complicated and challenging to get right … find an expert (an accountant!) who can support your business and work with you for the future growth you aspire towards.