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Understanding business tax

Tax is an unavoidable fact of life, especially if you are a business. For business owners, understanding what types of tax affects them, how much they should be paying, managing finances for tax and more can be very stressful to do alone. Tax Agility are a team of accountants who specialise in business tax for small to medium sized businesses in London.

We have worked with many businesses in the past therefore we know how difficult tax can be for a business owner, especially small business owners or start-ups to understand. Our goal is to help SMEs with their business tax and to do so, you need to have a clear understanding of what business tax is.

What is business tax?

A business tax (generally speaking) are taxes paid to the government. Business tax is quite complex as there are a number of different types of tax that businesses have to pay. The tax a self-employed person would pay is different to what a company would pay, as well as how and when they would pay.

To help you understand a bit more about business tax, Tax Agility have a compiled a list of the three most common taxes businesses pay:

  • Corporation tax – in the UK you must pay corporation tax if you fit into these categories; a limited company, a club or any type of unincorporated association like a sports club or community group or if you are foreign company with a branch in the UK.
  • VAT – this stands for Value Added Tax. This is the tax that is added to the service or product a business sells based on value. The standard rate in the UK is 20% however the VAT business charge depends on their goods and services.
  • Business rates – If your business operates from office or retail premises, then you would have to pay business rates which is like council tax, but for business properties.

How we help

The hectic life of running a business means you don’t get to take a step back and take a look at your business tax planning. At Tax Agility, our professional and experienced accountants can take a fresh look at your business and find new ways to minimise your tax liabilities.

Our services include:

  • Preparation of self-assessment tax returns
  • Strategic reviews to minimise tax liabilities
  • Dispute settlement negotiations and revenue investigation
  • Advice regarding VAT, NI and employee benefit legislation
  • Consultancy service on the taxation implications of the sale and purchase of businesses

For a more in depth explanation of our services check out our Business Tax page.

In order for us to help you, we need to understand you first. That is why we offer our first consultation for free, so we can learn about your business and personal finance and plan an accounting solution tailored for your business.

Call us on 020 8780 2349 to arrange a meeting to discuss business tax, how it affects you and how we can help you manage any business tax you pay. Alternatively, you could use our enquiry form to contact us and we will call you back.