We don’t need to be experts, but it is important that when starting a new business, as either a sole trader or partnership, we have a basic understanding of taxation and our responsibilities, particularly Income Tax.
This Webinar aims to dissect this often complicated topic, into an easy to understand guide for new entrants. It may also prove useful for existing businesses wanting to gain a better understanding of Income Tax.
During the webinar we will address questions such as:
- What is the difference between a tax year and a financial year?
- What types of business structures might you have, and what are their key differences, e.g. sole trader, partnership, limited company?
- What do I need to know before becoming a partner or director?
- What different types of income might I pay Income Tax on?
- What happens when I put money into the business? Or take it out?
- Having a job as well as a farm business – how do they relate?
- Buying farm machinery: how might that impact on the tax payable?
- Where do livestock fit into a conversation about tax?
Tax advice relating to your business absolutely must come from your accountant, but it can be hugely beneficial to understand a bit about the basics so that you get the most from that conversation, and know which questions to ask.
Sign up to the FAS newsletter
Receive updates on news, events and publications from Scotland’s Farm Advisory Service