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Business Tax Guide for Small Businesses

What fundamental taxes do small businesses pay in the United Kingdom? This tax overview is for business owners and anyone running their own company.

TAXATION: There are a handful of common and key taxes you should understand if you run a small business.

As a rule, once you have setup in business you will have some kind of company taxation to pay, such as:

Managing a commercial operation can seem complicated with all the different taxation rules. Many bosses find it difficult to understand which taxes apply to their outfit.

This overview will help you determine your liabilities and obligations. Use the guide to ensure you pay the correct levies to HM Revenue and Customs.

Business Taxation Guide

Accounting Periods for Corporation Tax GuideAccounting

ACCOUNTING PERIODS: Understanding accounting periods for Corporation Tax purposes is part of being in business. You will also need to make sense of Company Tax returns.

CASH BASIS: Would your small business be better off using cash basis accounting practices? You record business income and expenses as cash flows in and out - not when invoiced or received.

FILING TAX RETURNS: The accounts and tax returns for private limited companies are annual. They take place after the end of the company's financial year.

Capital Allowances for BusinessCapital Allowances

CAPITAL ALLOWANCE RELIEF: Understanding the rules of claiming capital allowances is key in business. Check how to claim capital allowances on business assets and pay less tax.

Capital Gains Tax for BusinessCapital Gains Tax

CGT FOR BUSINESS: Producing a profit, or realising a gain, on company assets may be liable for Capital Gains Tax for business situations. An example could be selling or disposing of an asset that is part of the business.

Construction Industry Scheme Tax GuideConstruction Industry Scheme

CIS TAX GUIDE: The Construction Industry Scheme is one of the special tax deduction schemes. As a rule, tax gets deducted at source from CIS payments relating to building work.

Business Expenses GuideExpenses for Self-Employed

ALLOWABLE EXPENSES: The section explains allowable expenses for self employed workers. Check out all the business expenses you can claim for if you are self-employed.

SIMPLIFIED EXPENSES: Check to see if simplified expenses could save your business money. Try the simplified expenses checker and compare what expenses you may be able to claim.

Tax Compliance Check GuideTax Compliance Checks

HMRC COMPLIANCE CHECK: HMRC can conduct tax compliance checks on an individual taxpayer or on those who run a business. Find out how the checks get conducted and what you might need to do.

hOW TO Appeal to the Tax Tribunal GuideTax Tribunals

APPEAL TO THE TAX TRIBUNAL: HMRC First Tier Tribunal rules for making an appeal to the tax tribunal. Find out what happens at First-tier tax tribunal hearings and what to do if you lose the case.

Businesses and Charging VAT GuideVAT Businesses

RULES ON VAT: A business can only charge Value Added Tax if they have VAT registration with HM Revenue and Customs. Find out how businesses and charging VAT works in the United Kingdom.

VAT Returns GuideVAT Returns

HOW TO SUBMIT A VAT RETURN: As a rule, most companies must submit VAT Returns every 3 months to HM Revenue and Customs. These quarterly VAT Return dates are the 'accounting period' for a business.

PAY VAT BILL: There are different ways to pay your VAT bill to Her Majesty's Revenue and Customs. Most small businesses will pay VAT bill online - but there are other options in the United Kingdom.

PAY VAT MOSS: HM Revenue and Customs developed VAT MOSS. It allows UK sellers to pay VAT MOSS bill to HMRC instead of registering for VAT in numerous EU countries.

Business Tax Guide for Owners of Small Businesses in the United Kingdom