Tax is a compulsory charge paid to the government by taxpayers based on their annual salary and any business income. These taxes are then used by the government for public spending, including funding health services, infrastructure, and helping to boost the economy. Failure to pay your taxes is a legal offense and can be punished by heavy fines, bailiffs, and even prison time, meaning that it is vitally important that you know how and when to pay your taxes.
In the UK, sole traders have a particular threshold for paying tax, meaning that they need to earn over £12,500 (as of April 2020), while voluntary contributions to National Insurance is highly recommended as this can entitle you to state benefits such as your pension.
All limited companies must pay Corporation Tax, meaning that this tax is compulsory for all registered businesses. As of April 2020, the current UK Corporation Tax rate is 19%. This means that if you earned £20,000 in a year, you would have to pay £3,800 in tax to the government.
There can also be additional taxes on other varieties of income, including wealth taxes, inheritance taxes, gift taxes, property taxes, sales tax, and payroll taxes. It is important that you get to know the rules and regulations of tax in your country, so you are aware of exactly how much you have to pay and when you have to pay it. The UK tax year starts in April and ends in April the following year, with the deadline for the previous year’s tax returns due before January 31st.
Setting up and organising taxes for a company can be a challenge, which is why Hawkish Institute offers professional tax training for individuals and businesses. We will help you learn everything you need to know about tax, from calculating your income tax and additional payments to filing paper and online tax returns. Contact Hawkish Group today to find out more.
- Practical training experience
- Income Tax
- Corporation Tax
- VAT Returns, IHT, NI, Self-Assessment
- Tax efficiency
- Setting up your firm
- Agent licencing
Hawkish Institute is a part of Hawkish Group, offering professional training services for a range of business-focused skills. Our team offers you and your team opportunities to develop and learn new skills that will help you to progress in business.
Our team here at Hawkish Group provides professional tax training in Canary Wharf, as well as a variety of other training schemes. Learn how to calculate your tax, how to pay, when to pay, and how to properly fill out returns.
Find professional tax training in Canary Wharf with Hawkish Group today. Contact our Canary Wharf office to speak to a member of our team and book an appointment.