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In the UK you have to ensure you are able to correctly calculate and manage your taxes, the regulations in other countries and in Europe vary.

If you do not pay the tax you owe this could seriously threaten your ability to continue trading and or/you could be legally punished for tax evasion.

You will have to calculate different taxes based on the business/legal structure you choose for your business: 

  • Industry taxes
  • Taxes based on business ownership type/Self Assessment
  • National Insurance contributions
  •  Corporation tax
  • Employing other people (PAYE)
  • Value Added Tax (VAT)

Here is an explanation of how the tax structure works for a limited company in the UK  

It is advisable to hire a part time/full time Accountant who can help with managing your accounts as well as taxes. The reason most people prefer to do this is because: 

  • Its faster than having to deal with tax yourself, especially when you do not know much bout it
  • A qualified Accountant, will be up to date with the industry requirements and may help you claim money through allowances, reliefs and incentive schemes such as this https://www.youtube.com/watch?v=1Ud6qxHE-jE
  • Good accountants also know where you can save money
  • Accountants can help to calculate and manage other finances as well as taxes and they can be employed on a full time/monthly basis or hired based on an hourly requirement 

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