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Title: BusinAssist Unveils Comprehensive Guide to UK Tax Laws for Business Owners: Essential Knowledge for Compliance and Financial Stability

United States, 4th Sep 2024 - If you own a business or want to incorporate a UK limited company, there are tax obligations that every business owner should familiarise themselves with. Business owners should understand the various rates, thresholds, and allowances put in place to stay compliant. The business tax law applies to people who are running a business and those who are closing or selling a business. UK tax is administered by HMRC and applies to small and large businesses regardless of their legal structure or activities.Here is a guide on what businesses need to know about taxes to remain compliant with the UK government and maintain financial stability.Corporation TaxUK limited companies and foreign entities with offices in the UK are obligated to pay Corporation Tax. UK resident companies pay Corporation Tax on their worldwide profits while foreign companies pay only on profits from their UK activities. Apart from the company’s profits, this tax is calculated based on trading profits, capital gains from the disposal of assets, and investment income.The prevailing (2023-2024) Corporation Tax rate stands at 25%, rising from 19% last year. Not all businesses will pay at this level. Companies that made more than £250,000 in profit this tax year will have to pay the full main rate of 25%, however, if your business made a profit of less than £50,000, you will have to pay the ‘small profits rate’ which is at 19%.Your company may be eligible for marginal relief if it earned a profit between those two limits.To fulfil their legal obligations, business owners must diligently submit their Corporation Tax UK return to HM Revenue and Customs (HMRC) within nine months from the conclusion of their accounting period. This timely filing is paramount to avoid penalties an...

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