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Once they understand the basics, many businesses find VAT reasonably straightforward. But there are some tricky areas where it is easy to make mistakes. These can give rise to stringent penalties, and ignorance is no defence.
Company cars are one of the most popular employee benefits. Altogether, 1.7 million UK directors and employees drive company cars. Of these, half receive free fuel for private use. Successive governments have increased taxation on cars and fuel. Both employers and employees now need to consider the tax implications of company cars before making decisions. From April 2002, the system is to be reformed to encourage companies to run ‘greener’ cars. A car’s CO2 emission levels will determine the tax paid for both new and existing vehicles, though older vehicles (registered before 1998) will still be taxed on engine size.
Corporation tax is the tax paid by companies on their profits. Unincorporated organisations (such as clubs and societies) also pay corporation tax, if they have taxable income. Partners in both traditional and limited liability partnerships and sole traders pay income tax instead.
About one in three taxpayers is affected by self-assessment. If you are one of them, there is no need to be concerned. As long as you keep detailed financial records and meet the deadlines for completing the return and paying tax, you should not have a problem.
This briefing is a month-by-month schedule of the major tax (etc) deadlines in the tax year 6 April 2002 to 5 April 2003.
All earners pay National Insurance contributions (NICs), which are effectively another tax. Employers not only pay 'employer contributions' for each employee, but also collect and forward their employees' contributions.
This eight-page briefing provides an introduction to the taxes most likely to affect you in business.
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