Evidently if you are earning profits in business then you need to pass on some part of your earnings or revenue to government, which it will use for public services and in development of economic growth. These revenues or income are provided not only by the business houses but also through investors and employees who have created income from company’s activities. So it is necessary for a company and an individual who is employed in business to know about the business related taxes. A sustainable business tax system not simply means to raise profit, but it facilitates business to flourish and prosper. There are different types of taxes that you may have to pay in UK if you are running a business
Company Taxation: If your company is resident in UK then you must pay corporation tax. It is tax on taxable profits of limited companies and other organizations like societies, clubs and charities. The taxable profit for corporation tax involves investment profits and capital gains. Company having profits up to £300,000 has to pay 20%, while companies who are under slab of £300,000 to £1.5 million have to pay in 20% to 26% and company will pay 26% who has profit of more than £1.5million. If you are liable for corporation tax then after proper assessment, the final tax-filing process is done with HMRC that is HM Revenue and Customs.
VAT: It is the tax on consumer expenditure and it is one of the largest sources of government revenues. The supplier of the product or services is liable to pay this charge. For VAT the standard rate of 20% is applicable while 5% applies to power and fuel used in home and in some charities. Most of the different items like books, food and newspaper are exempted from VAT. While alcohol, motor fuel and tobacco are charged with excise duty.
NIC and PAYE: The people who work or run business in UK need to pay not only tax but also National Insurance Contributions(NIC) to HM revenue and customs. NIC creates the individual’s claim to benefits including state pension and support allowance. PAYE stands for Pay As You Earn and it is the system used by HMRC to collect NIC and income tax from companies. Every employer has an obligation to operate PAYE system if their employees are liable to pay NIC.
An uncompetitive tax system not only threatens the viability of those businesses under its influence, but also creates risk for driving economy. The stability in corporate tax revenues system can be maintained by competitive tax management. Though tax looks real trouble at times, it has enforced for a reason, which is for your advantage and the whole society’s as well.
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