Enterprise - Thinking about taxes

Steph found some really useful information on business link which will come in handy when we're starting to think about Taxes

If you run a business, you will have to pay taxes of some kind - and to pay some of those taxes, you will have to use a particular tax calculation/payment process.
Exactly which taxes you pay and which processes you use will depend on a number of factors, such as your business' legal status, annual turnover and taxable profits. You can watch our video Welcome: setting up in business for a handy overview of what you need to do.
Whichever taxes and processes apply, it's vital that you keep full and accurate records of your income and expenses from the start.
The main business taxes are Income Tax, Corporation Tax and VAT. You may also need to think about National Insurance.
VAT may apply to your business if you trade solely within the UK. However, if you import goods from outside the European Union, you must also pay import VAT and any duty before the goods can be released. And there are VAT rules that apply if you export goods and services too. For an introduction to how VAT works see our video What is VAT?
The main business tax calculation/payment processes are:

* Self Assessment for the self-employed, business partners and business partnerships
* Corporation Tax - for limited companies and some organisations such as clubs, friendly societies, etc
* the Construction Industry Scheme (CIS) - but only if you operate in the construction industry
* PAYE (Pay As You Earn) - but only if you are an employer

You can learn more about Self Assessment and self-employed tax and processes in our video An introduction to registering for Self Assessment. You can learn more about National Insurance in our animated video National Insurance for the self-employed: the basics. To find out more about Corporation Tax see our animated video What is Corporation Tax? To get an overview of your tax responsibilities when you take on staff see our video How we got registered as an employer.
For an introduction to the Construction Industry Scheme see our animated video How the Construction Industry Scheme works.
Finally for a good overview of how other businesses coped with taxes when first starting up we have a wide range of video diaries from real businesses covering everything from the first steps through to the highs and lows of running your own business to taking stock one year on.