Unit 1 Topic 1.4.4.  Must learn: the legal requirements of setting up a business  Should learn: the types of taxation businesses must pay  Could learn:

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Presentation transcript:

Unit 1 Topic 1.4.4

 Must learn: the legal requirements of setting up a business  Should learn: the types of taxation businesses must pay  Could learn: the importance of keeping records

Reasons for starting up a business?

List as many different types of taxes you can think of. Corporation Tax

 VAT (Value Added Tax) is a tax that you pay when you buy goods and services in the EU (European Union), including the UK. If you have to pay VAT on something, it will normally be included in the price you see.

 Work out the VAT on these items if VAT is 20%:  Car exhaust costing £49  Car Hire costing £175  Carton of cigarettes at £32  Wooden floor costing £499

Now... Calculate 20,000 tax

You must put together a short presentation on the main types of tax a small business may need to pay including: 1. VAT 2. Income Tax 3. National Insurance Tax 4. Corporation Tax

In your groups, prioritise the use of Tax – you must be able to FULLY JUSTIFY your answer Income from taxes is used to fund various things such as:  Healthcare  Education  Defence (military)  International Aid  Environmental protection  Disaster relief  Ministers expenses & bonuses  Transport  Crime

Research the different types of taxes paid by businesses and the percentages of tax paid on average by businesses. Look on this website:-