Hi David,
From what I know you have to pay
- Income Tax for yourself ( calculated on your net profit) and for your employees ( you can choose to collect the tax from your employees and pay to the home office by deducting the tax from your employee’s salary or your employee can be responsible to pay income tax by themselves.
- National Insurance Contribution: For yourself (you are responsible to pay NICs at a self employed rate (NICs class 2 or 4)). For your employees, again you can choose to collect NICs from your employees; otherwise they have to pay by themselves.
- Business Rates: you have to pay business rates if you use a building or part of a building for business (I am not sure if you have to pay business rates for a market stall. Sometime if you rent a premise, your rent may have included a business rate by the landlord). Each business premises will be assessed by Rateable Value. The actual amount that you have to pay is business rate payable which is calculated by multiple “rateable values” with a factor (around 0.48). This factor will be slightly different which depends on your local area. However most small businesses usually get a business rate relief. The reduction can be as high as 80% - 100% for very small businesses.
You can do more research on
http://www.bgateway.com/bdotg/action...&r.s=m&r.lc=en
http://www.businesslink.gov.uk/bdotg...sslink.gov.uk/
You can also go to your local business Gateway and make an appointment to meet a consultant, the service is free and they are very helpful.
Good Luck
Linear Mode
March 2010
