How might National Insurance and tax affect your business?

Here is an introduction to the different kinds of taxes that you might have to pay - working on your own or in business with others. There is also an introduction to ways of paying less tax.

But before you read on...
...three questions you'll find helpful

As you read about these taxes, you'll find that the rules change a lot according to the answer you give to these three questions:

1. Are you setting up in business as a self-employed individual, or as a company/limited liability partnership?
   
   
2. Will anyone be working for you as an employee?
   
   
3. How much turnover do you expect to have in your first year of business, and how much profit do you expect to make?

If you can answer these questions early on, when you read through the information, you'll find it easier to pick out how the different rules affect you.
...and one tip

Remember - the key to paying no more tax than you need to is keeping proper records.

Get more help from the HM Revenue and Customs web site