Business tax is something that businesses must pay as part of their operations. Whether you’re a private limited company, corporation, sole proprietor, small business/ self-employed or partner, you must stay in line with business tax rules set by the government.
Getting your tax right and ensuring that your business’s financial affairs are in order is crucial. However, learning about business tax can be difficult, especially when you’re just starting out in your company.
LJS Accounting Services have dedicated over 10 years of service to loyal customers across the UK to make sure they’re having their tax-related needs taken care of. If you’d like to find out more information regarding business tax, continue reading.
What is Business Tax?
Business tax is a legal requirement for those who own a business – and if your tax payment is late, you could face a significant financial crunch and land yourself in trouble with the law.
Typically, companies falling under industries such as insurance and mining will need to pay additional taxes – to find out whether your business is applicable for this, check the gov.uk website.
With five different variations of business tax, we understand why it can be confusing to understand what you need to pay and when. The five main types of business tax include Excise tax, Value-added tax, Employment withholding tax, Corporate franchise tax and Gross-receipts tax.
Tax liabilities are short-term liabilities that are often recorded on accounting software or balance sheets. Put simply, tax liability is the amount of taxes that you owe, combined.
As a business owner, you must keep up to date with what you owe in debt, taxes and bills. Most aspects of your business will require taxation, and with many companies having to juggle various positions within their company, there’s no surprise that people struggle to constantly stay on top of financial affairs and accounts.
At LJS Accounting Services, our accountants help businesses of all sizes with tax-related issues. Whether it be business tax, company tax returns or personal tax that you require assistance with, our team know first-hand how important it is to leave time for other areas of your business.
Is it Hard to Calculate Business Tax?
Understanding the taxation process is key when you’re in business. If you’re conducting certain business activities, you may be able to deduct expenses, which is great when it comes to working out how much tax you owe.
Calculating business tax can be tedious and hard to work out, which is why our accountants exist. Having a professional accountant means that you’re able to stay on top of other variations of workload with the assurance of knowing that you have a professional accountant to take care of your needs.
If you’re having to file and send off self-assessment tax to HMRC or Companies House, you’ll have to calculate how much you owe and when you need to send it off (tax payments have a specific deadline).
Keeping on top of deadlines can be difficult, so having a handy accountant can definitely come in handy. If you’d like to know more about HMRC disclosures or you’re facing a HMRC investigation, our team of experts are on hand to help.
Business Tax at LJS Accounting Services
If you’re on the search to find a reliable, trustworthy accountant to take care of your tax requirements, look no further than LJS Accounting Services.
Similar to company corporation tax, business tax can be hard to calculate – operating since 2010, our team of accountants have the knowledge and experience to assist you.
With combined skillsets including reporting and being able to deal with property disputes, our team have a wide range of expertise.
We advise you to get in touch with a member of our team today if you have any questions about business tax. When you start your own company, it can be hard to figure out what you need to pay, which is why we’re on hand to help by giving free consultations.
For any additional information on the services that we can provide, feel free to contact us using the contact details provided on our site. With a growing amount of excellent reviews in the past few months, we believe our accounting services are the best.Our Guide To Business Tax
Keli Evans, Director at LJS Accounting Services, excels in taxation and statutory accounts. With a focus on strong client relationships, she leads a diverse portfolio, overseeing vital financial aspects like VAT, payroll, pensions, and taxation with a holistic and committed approach.