cryptohunter
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In the UK, when a new company starts, there are important tax things to think about. One big one is Corporation Tax, which is a tax on the company's profits. Getting registered on time with HM Revenue & Customs (HMRC) is a must. Companies need to figure out their profits, take away allowed expenses, and send in yearly Corporation Tax reports.
VAT is another thing to keep in mind. If a company makes more than a certain amount £85,000 . they have to register for VAT. Dealing with VAT means adding and getting back VAT on transactions and sending regular reports to HMRC.
For companies with employees, they also have to deal with employment taxes, like PAYE and National Insurance contributions. And depending on the business, there might be other taxes to consider, such as business rates, Stamp Duty Land Tax for property deals, or special taxes for certain industries.
VAT is another thing to keep in mind. If a company makes more than a certain amount £85,000 . they have to register for VAT. Dealing with VAT means adding and getting back VAT on transactions and sending regular reports to HMRC.
For companies with employees, they also have to deal with employment taxes, like PAYE and National Insurance contributions. And depending on the business, there might be other taxes to consider, such as business rates, Stamp Duty Land Tax for property deals, or special taxes for certain industries.