This section covers the applicable taxes for the different business structures outlined in this Toolkit.
⚠️DISCLAIMER: This section provides only a brief overview of UK taxes applicable to different business structures, at the date of writing. It was last updated in September 2020. Tax rules are amended and updated on a regular basis, and readers should be aware that the position described below may change. Please also note that - save in relation to some VAT measures introduced for the hospitality sector - this overview does not consider any of the tax measures that have been introduced in response to the Covid-19 pandemic. Those measures may be important, but they are also very fluid, so you should seek specific advice as to how they might affect you and your business.
The tax rates and bands mentioned below are those which apply in England for the [2020/2021] tax year, which are also subject to change in future years. The section below is based on the position of taxpayers which are resident (and, in the case of individuals, domiciled) in the UK for tax purposes. It is not designed to be a comprehensive tax assessment and should not be considered, as or relied on as, legal advice. Entrepreneurs are strongly encouraged to seek out professional advice, including tax and accounting advice, when setting up and running their businesses.
In addition, specific professional advice should always be taken if you are considering selling or giving away shares (or other securities) in a company, or any other interest in a business, as this may have a range of tax consequences that are not considered in this section.