Taxes and Tax Requirements

Hi there! Welcome to Business Growth Coaching, the leading authority on helping first-time entrepreneurs reach their business goals.

In this short web-page, we will be discussing the vital topic of taxes and tax requirements in the UK, particularly the Value Added Tax (VAT).

What is the Value Added Tax (VAT)?

The Value Added Tax is the main form of indirect tax that is charged on the goods and services you supply in the UK. What this means is that as a business owner, you must charge VAT to your customers and then submit the collected VAT to the HMRC.

It is important to note that not all businesses have to charge VAT, only those that meet the criteria. The criteria are as follows:

If you meet the criteria, then you must register with the HMRC and charge your customers the legal rate of 20%. You then have to submit your figures to the HMRC on a quarterly basis.

Other UK Tax Requirements

Depending on the type of business you operate, there may be other taxes you need to pay. These could include things such as corporation tax, income tax, and employees’ national insurance tax. Here is a quick overview of the main taxes you might have to pay as a business:

It is important to note that there may be other taxes and regulations that apply to your business. We always recommend consulting with a qualified accountant or tax adviser to make sure that you are compliant with all tax regulations.

Conclusion

We hope this web-page has been useful in providing you with an overview of some of the tax requirements when running a business in the UK. As we’ve mentioned, it is always best to speak to an accountant or qualified tax adviser to make sure your business is compliant with all the latest tax regulations.

We wish you the best of luck with your business and look forward to hearing about your success!

Thanks for reading,

The Business Growth Coaching Team