Small businesses are subject to a wide array of taxes. Here is an overview of UK business taxes you may encounter as a business owner.
- Corporation Tax
- Value Added Tax (VAT)
- National Insurance
- Pay As You Earn (PAYE)
- Stamp Duty
- Capital Gains Tax
- Capital Allowance clawbacks
What’s the issue? Business tax can represent a substantial outflow of funds, and as far as HMRC are concerned it is foreseeable, THAT means you are REQUIRED to plan your taxes to be able to “foresee” them. A business not properly tuned to its tax liabilities may never truly be able to increase stakeholders’ value, however agile, efficient and progressive it may be in other areas. Increased business and indeed personal taxes and regulatory reporting obligations add to the drain on management time. And a more investigative approach by the tax authorities can result in harsher penalties for non-compliance. Put all these factors together and the tax burden on your business can be much larger than you may like.
Are you:
- Confident that you are aware of the opportunities and risks?
- Actively managing your tax charge so it is truely “foreseen”?
- Knowledgeable if you are in compliance with all your tax obligations?
- Effectively dealing with the tax authorities?