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deducted from earnings to be offset against capital the maximum rate of
pay for pensions; sick pay gains. VAT. Some goods and
and other benefits. There Note: If you run services are zero
are various clas-ses of your business from home rated, others are
National Insu-rance and and claim some of the exempt altogether. It
advice can be obtained costs of running your is important that you
from your local Social home as a business are fully aware of
Security office. expense you will not be VAT regulations
liable for CGT. However, relating to your
Corporation Tax This if you use part of your business. You can get
is the tax paid by limited home only for business leaflets free from your
companies. It is important purposes, you will pay local VAT office. Ask
that company directors CGT on any gain from your accountant if you
think carefully about
that part of your home. don't understand them.
ways to minimise the
effects of Corporation
Inheritance Tax This
Tax. This is an area where Other taxes There
taxes capital which is
an accountant will be able are other taxes which
transferred at death, or
to help you. you may need to be
within seven years before
aware of, but these are
death.
Capital Gains Tax the most common. If
(CGT) you think you have
This tax is on capital VAT You must register missed something in
profits obtained from the your business for VAT your assessment of
sale of some if you expect your your tax liability, ask
fixed assets (e.g. land and tyrnover to exceed the your accountant.
buildings, goodwill etc.) threshold specified in
or investments. Any the Chancellor's most When to start
capital losses sustained recent budget. Not
trading This is an
from sales of assets may everything is subject to
important
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