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Small Business Tax Planning: All you need to know from start-up to retirement by Russell Cockburn

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Appendix 2: The UK Tax Regime for Small Unincorporated Businesses

Introduction

UK income tax is charged on individuals according to their aggregate personal income from all sources. Thus a business owner may also have investment and buy-to-let income as well as their business profits. The total from all these sources is taxed after deduction of permitted reliefs such as pension payments and gift aid donations to charities. The business profits are perhaps just one source of income to be taxable on the individual’s annual self-assessment form, albeit often the largest one.

The owners and operators of non-corporate businesses in the UK pay income tax on their profits. Their business profits are aggregated with any other sources of income ...

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