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Commercial tax issues
Businesses have to understand a range of tax issues to ensure they are complying with their tax obligations.
Companies (including bodies corporate and unincorporated associations) pay corporation tax annually in the UK. Companies which are tax resident in the UK usually pay UK corporation tax on their worldwide profits. A company which is not tax resident in the UK is subject to UK corporation tax if it has a permanent establishment in the UK, on profits attributable to that establishment.
Capital gains tax
Assets which are disposed of for a capital profit may give rise to a capital gains tax charge.
UK withholding tax is a method of collecting tax at source from the person who makes (or is deemed to make) a payment instead of raising an assessment on the recipient. Many forms of payment are subject to a requirement for the payer to withhold tax, such as employment income and payments of yearly interest or interest on deposits.
VATis a tax which increases the price of goods and services that consumers in the UK buy.
If you are employed, a sole-trader or in a partnership then you must pay tax on your income.
If your estate is worth more than £325,000 when you die, the beneficiaries of your estate will have to pay inheritance tax. An inheritance tax solicitor will make suggestions regarding how you can manage your financial affairs so you reduce your inheritance tax bill as much as possible.
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