Business Taxation – What are the main taxes?

Review of business taxes

Small businesses, and the individuals who run them, are subject to a wide array of taxes – from Corporation Tax to National Insurance.

Here is an overview of the main UK business taxes you will encounter as a business owner, together with links to our more in-depth guides.
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VAT pitfalls you should be aware of

If you are registered for VAT, have to file a VAT return in the near future, or are concerned about putting the wrong amounts on your VAT return, here are 5 VAT traps to watch out for.
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What is the VAT cash accounting scheme?

The VAT cash accounting scheme is a useful tool for many small businesses, as you only repay VAT to HMRC once you have received payment yourself. If you have cashflow concerns, the scheme could be a lifesaver!
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VAT calculator for small businesses

This handy calculator will work out how much VAT you should charge a customer based on your net billing. Also use this script to work out how much VAT is included in a VAT-Inclusive sum.

The current VAT rate used in the calculations is 20%.
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Top 10 VAT Tips for small businesses

Here are some tips to help small businesses keep on top of their VAT responsibilities – from choosing the right VAT scheme in the first place, to avoiding getting on the wrong side of HMRC.
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VAT accounting for mixed business and non-business purposes

The issue of VAT accounting when the goods involved are put to both business and non-business purposes is perhaps more widespread than many would first consider.

Careful use of the so-called ‘Lennartz Accounting’ scheme can provide cash flow benefit for a number of organisations.
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