General Tax
What tax issues might I need to consider?
- VAT
- PAYE (Pay As You Earn)
- Corporation tax
Do I have to register for VAT?
Our page on VAT provides a detailed summary on the question.
What do I need to know about PAYE?
If you become an employer, you will need to deduct PAYE income tax (and National Insurance) direct from your employees’ salary. You will have to pass these payments to HMRC on a monthly, or in some cases quarterly, basis.
View our guide Introduction to PAYE for employees for further information.
Will I have to pay corporation tax?
If your business is set up as a limited company, you will have to pay corporation tax on your profits.
The following organisations also have to pay corporation tax:
- members' clubs, societies and associations
- trade associations
- housing associations
- business co-operatives and similar types of organisations
You must:
- tell HMRC that your company exists and is liable for corporation tax
- complete a company tax return every year
- pay on time to avoid financial penalties
- keep records of your company’s income and outgoings
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