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Tax & National Insurance
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This eight-page briefing provides an introduction to the taxes most likely to affect you in business.
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Corporation tax
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Corporation tax is the tax paid by companies on their profits. Unincorporated organisations (such as clubs
and societies) also pay corporation tax, if they have taxable income.
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Income tax self assessment
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Only about one in three taxpayers is affected by self-assessment, the new way of administering tax that
was introduced in April 1996.
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National insurance & state pensions
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All earners pay National Insurance contributions (NICs), which are effectively another tax. Employers not
only pay 'employer contributions' for each employee, but also collect and forward their employees' contributions.
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Company cars & tax
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Company cars are one of the most popular employee benefits. Altogether, 1.7 million UK directors
and employees drive company cars.
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Common VAT problems
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Once they understand the basics, many businesses find VAT reasonably straightforward. But there are
some tricky areas where it is easy to make mistakes.
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Unlike some of our competitors, we love all kinds of businesses
...come and talk to us!
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