Limited Companies
The most important thing to remember about limited companies is that each is an individual in Law.
Partnerships
A partnership exists where two or more persons come together with a view to profit.
Self-Employed
People who work for themselves are classed as sole traders and are subject, primarily, to income tax and National Insurance costs.
Inheritance Tax
Inheritance tax is charged on transfers of capital by or to individuals.
Value Added Tax
Registration for VAT is compulsory once the turnover exceeds £85,000 in a rolling year
Capital Gains Tax
The disposal of an asset for a profit may lead to a charge to Capital Gains Tax.
Corporation tax
This tax is levied on the worldwide profits of companies and of unincorporated bodies that are not partnerships, such as members' clubs.
Income Tax
Income tax is potentially payable by everyone but there are rules which make life easier depending on circumstances.
Tax Is Like The Dodgems
Tax is just like the dodgems at the fair, you swerve to avoid one and slap straight into another.