Limited Company Tax
How limited companies are taxed – including how to deal with Corporation Tax, VAT, National Insurance, PAYE (Income Tax) and running a payroll.
- Limited Company Tax List – the key taxes you will encounter in business.
- Corporation Tax – how it applies to limited company profits.
- National Insurance – how Class 1 NICs apply to salaries.
- PAYE / Payroll – How directors and employees are paid.
- Employment Allowance – valuable incentive if you have employees.
- Value Added Tax – should your company be registered? How VAT works.
- Dividends – What are they, and how are they taxed?
- Dividend Allowance – what does this £2,000 nil rate band mean?
- IR35 – one tax you need to avoid if you provide personal services.
You are assigned a tax code by HMRC so the correct amount of tax can be deducted from your earnings by your employer. Tax codes are typically issued between January and March each year, but at other times as well if there’s a change in your circumstances.
The Intermediaries Legislation (IR35) has been a thorn in the side of limited companies who provide professional services since 2000. Here, we look at what IR35 is, and how to ensure that your company falls outside its scope.
Corporation tax is charged on the profits of all UK-based companies, such as limited companies and foreign companies with offices or branches in Britain.
A good accountant can not only save your company money, but will also provide reassurance that your financial affairs are being looked after, tax deadlines are being met, and potential problems are spotted in advance. So, if you’re starting up a new business, what should you look out for when choosing a limited company accountant?
As the well-known saying puts it, the only two certainties in life are death and taxes, which is definitely where inheritance tax (IHT) comes in. But what exactly is IHT, and is there anything you can do to mitigate the effects of this on an estate?
Sending out invoices for the goods or services you provide is a key task for limited company owners. If your invoices lack certain details, this could cause a delay in receiving payment, possibly resulting in cash-flow problems.