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face and the basic Account can earn you toms and Excise
questions to ask yourself, valuable interest on duties, VAT, stamp

your local Enterprise money which will duties).
Agency or your accountant eventually pay your tax Income Tax If you

before you face them. The bill. operate as a sole trader
rules change with each you will pay normal

year's. Budget, so you rates of Income Tax on

certainly need good advice your profits (including

from a professional the salary you pay

(usually your accountant) yourself).

who is following the If you operate as a

technical changes very partnership, the

closely and is able to apply amount of Income Tax

them to your business. charged on profits will

An unexpected tax bill can depend on the Income

kill a small business so Tax rates paid by
Which taxes might I
you must be able to face? individual partners on
There are quite a few taxes
anticipate your tax their income.
on businesses and
liabilities. Once you know If you operate as a
individuals and you should
what you will be expected limited company, you
be aware of the broader
to pay you can set about will pay income tax on
implications of each of
the task of arranging your your salary at normal
them. Knowledge gives
business activities so that rates. Any profits left
you control! There are
your tax bills are kept to in the business will be
direct taxes on income and
the minimum. At the same liable for Corporation
profits (e.g. Income Tax,
time, it is a good idea to Tax (see below).

save money to provide for Corporation Tax), taxes on
capital (Capital Gains Tax
these expected bills, and a
National Insurance
and Inheritance Tax) and
Barclays Business Deposit
National Insurance is
indirect taxes (e.g. Cus-
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