2007-02-19 05:32:38 · 6 answers · asked by susan w 1 in Business & Finance ➔ Taxes ➔ United Kingdom
Yes, you pay tax through Self-Assessment, so for example, if you had a business which started trading on the 1st of jan 06, the year end could be 31 dec 06. then you would prepare a set of accounts and would be taxed on the profits (although the profit would be adjusted for tax purposes).The year end of 31 dec 06 falls in the 06/07 tax year, i.e. yr to 5 April 2006. you'd have to submit your Self-Assessment Tax Return by the 31 Jan 2007, and pay any tax by then...Very vague response, if you need more info, speak your local hm revenue and customs office, or call your accountants :-)
2007-02-19 07:19:17 · answer #1 · answered by Anonymous · 0⤊ 0⤋
Business pays taxes only on the profit...the bottom line. Employees pay on payroll taxes on the Gross...the Top Line.
2007-02-19 05:36:59 · answer #2 · answered by Laughing Man Copycat 5 · 0⤊ 0⤋
Yes you have to pay. You should file quarterly if you are making a lot of profit.
2007-02-19 17:27:48 · answer #3 · answered by Anonymous · 0⤊ 0⤋
You pay tax on everything you have earned
2007-02-19 05:36:15 · answer #4 · answered by siany warny 4 · 0⤊ 0⤋
no but the first two years of running your own buisness you wanna try and show a loss that way you will get a larger return answered by a cpa
2007-02-19 05:35:55 · answer #5 · answered by Mark R 3 · 0⤊ 0⤋
yes ofcourse...
2007-02-19 05:35:47 · answer #6 · answered by Anonymous · 0⤊ 0⤋