8 Business tax

‘…in this world nothing can be said to be certain, except death and taxes.’

Benjamin Franklin, polymath and one of the USA’s founding fathers

In a nutshell

The main activities which give rise to a business tax charge are:

  • Profits on sales of goods or services and returns from investments
  • Capital gains from the disposal of assets and investments.

A business is also responsible for administering and collecting certain taxes relating to sales and employment. The latter also carries an additional tax charge. Examples are included later in this chapter.

In the UK, HMRC (Her Majesty’s Revenue and Customs) is the appointed tax authority and enforcement agency to which taxes must be paid.

Need to know

This chapter provides a high-level ...

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