Business
Corporation Tax
Tax paid by UK companies on their profits.
Self assessment
Self Assessment
A system where individuals report their income and pay any tax owed directly to HMRC.
Example
- 1
You need to file a Self Assessment if you're self-employed, earn over £1,000 from self-employment, or have other untaxed income.
Related terms
Employment
National Insurance
A system of contributions paid by workers and employers to fund state benefits and the NHS.
Allowances
Personal Allowance
The amount of income you can earn each year without paying income tax.
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