When running a company, you may be most concerned with turning a profit or developing your capital, depending on the nature of your business and your priorities. Naturally, there will be taxes to pay and these will be based on both the income and capital elements of your business. How much tax you will pay
Limited Company Help
You may have considered purchasing a car via your own limited company. However, before you go ahead, you should consider the tax implications of using a company car for your own personal use, compared to the option of simply claiming back mileage costs of using your own car whilst on business.
Every year in the UK, all registered companies must prepare annual accounts and file them with Companies House and HMRC. Businesses must accurately report on their financial activity during the tax year just gone.
How Class 1 National Insurance is applied to the salaries of limited company directors and employees, including the current rates for employers and employees.
The Self Assessment system is in place to collect income tax from individuals who have earnings which can’t be taxed in this way – such as the self-employed and company directors.