Once you’re registered as a limited company, you’ll be liable for a number of business taxes.
At the most basic level, this will mean paying corporation tax on your profits. But once you meet the turnover threshold, you’ll also need to begin paying VAT. And if you take on an employee and become an employer, you’ll have to register for PAYE too – find out more about how to register for these taxes here
Paying your tax online
HM Revenue & Customs (HMRC) has moved many of its services into the digital realm, so you’ll be paying most of your taxes online – logging into the Government Gateway system using your HMRC log-in and password.
There are two key things you must get right at this point:
- Make sure you’re logged in with the right account – each business will have a different tax reference, so make sure you’re using the right one
- Make sure you’re quoting the correct reference for the tax you’re paying – the reference will allow HMRC to know who’s making the payment. If you don’t do this, you could end up being chased for a tax payment you’ve already paid.
If you need help paying your taxes to HMRC, give us a call on 01454 300 999 or drop an email to firstname.lastname@example.org