If you are a start-up business, you should make sure you can rely on the services of a dependable accountant. Working without a financial and business advisor is like trying to paddle a boat without the proverbial paddle. Therefore, make sure you align yourself with an accounting firm that can assist you with all your accounting and tax transaction needs.
Types of Business Taxes
One of the areas that require the skills of an affordable accountant in Woking is taxation. The main taxes that businesses must pay include the following:
- Corporation tax. This tax is assessed on the profits or income of limited companies.
- Value Added Tax or VAT. This tax is assessed on business-related services and goods. Whilst there are several VAT rates in the UK, the standard rate is set at 20%.
- Pay As You Earn or PAYE. This scheme is overseen by HM Revenue and Customs and is an income tax that is deducted from employees’ earnings. If you are self-employed or a sole trade, you are not affected by PAYE.
- Stamp duty tax. This tax is assessed on land interests or when land is transferred. It is also assessed on assignments of leases and transfers of company shares.
- Capital Gains Tax (CGT). This tax is assessed on business disposals.
- Capital allowances. This is a type of tax relief system – one that applies to investments on business equipment.
Make Sure You Comply Legally
As you can see, there are several types of taxes that may affect your business. That is why you need to refer to an accountant for help. To make sure you are in compliance both financially and legally, you need to use the services of a full-service accountancy firm.
