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Understanding Different Types of Tax in the UK

Entering the UK market requires a clear understanding of how tax works, which can be more complex than it initially appears. All UK companies with a UK presence are subject to Corporation Tax on their profits. There are different rates depending on the level of profit, with marginal relief applied where appropriate. If your company has associated companies, these thresholds are shared between them. Branches or establishments only pay tax on their UK profits. VAT applies in the following situations: Sale of goods in the UK: VAT applies if the goods are delivered in the UK. Provision of services in the UK: VAT rules depend on the customer and their location. Imported goods or services: Certain imports may also be subject to VAT under UK rules. Place of supply rules: Determine whether UK VAT applies based on the type of good or service and the location of the customer. If you employ people in the UK, you must operate PAYE (Pay As You Earn) to deduct tax and National Insurance contributions from employees’ wages and pay them to HMRC. Employers also make their own National Insurance contributions. Depending on business structure and industry there other taxes may apply these may include import and export taxes, stamping duty as well as commercial property tax that could be liable for business rates based on the property value Getting early advice can help you avoid unexpected tax liabilities and ensure your business complies with UK regulations.