How to work out tax and NI

Small-business owners are not expected to be experts on tax and NI, but ignorance is no defence. Here are some of the key rates and facts you need.

It helps to understand the taxes likely to affect your business, and have systems to help you comply with your obligations. Read our tax overview.

Once your sales reach the annual threshold, you must register for VAT. Our guide to when and how to register, and what you need to do once you have.

Employers pay employer National Insurance contributions (NICs) for each employee, and also collect their employees’ contributions. Our guide to NICs.

If you register for VAT with HM Revenue & Customs (HMRC), you must charge VAT on any goods and services you sell that are subject to VAT.

When you become self-employed you become responsible for your own tax and NI. You'll need to know what and how much tax to pay and when.

Chartered certified accountant Raphael Coman of Coman & Co answers some key questions about tax returns, including important deadlines.

Kate Fisher explains the circumstances under which your business should be VAT registered, when you have to register and when you might choose to.

If you have employees, you must operate a PAYE scheme. Chartered accountant Howard Hackney provides need-to-know answers to questions about PAYE.

If you take on employees, you will need to set up a payroll system to make sure you're fulfilling your legal obligations. Here's where to start.

Many people do not feel confident enough to file their self assessment tax return but do they really need an accountant? WE look at the alternatives.

Visit the cheapaccounting.co.uk website to use a simple online tool that enables you to estimate your take home pay after tax as a sole trader.

This Tool will help you budget for your self-assessment tax and national insurance bill based on your estimated weekly or monthly profits.

If you operate a limited company from premises, yet do some work at home, why not rent a room to your business and reduce your tax bill.