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Do I have to pay VAT, Withholding Tax, PAYE, Instalment Tax, Digital Services Tax and Minimum Tax as a Small Business Owner?
Manage episode 292758512 series 2786453
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In today’s episode, we discuss the different taxes specifically which ones a small business owner can be required to pay within a business year.
Hello. My name is Edith, and I am seeking your advice on a very sensitive issue. I started a consultancy service early this year to install CCTV cameras in cars, homes and offices. The business has been picking up well, and I've made a revenue of about one million in this first quarter. I have 4 employees who help me do the installation whenever I get a job. I usually pay them 3000 per job.
In addition to consultancy, I also sell various equipment and cameras on my website which gives me about 25% of my revenue. My challenge today is that I am so confused about what taxes I am supposed to pay. I've been told by some people about VAT, withholding tax for consultants, PAYE, instalment tax, digital tax and minimum tax. Could you please help me out as I don't want to be arrested because of taxes?
Research by Joy Mutimba-Vetil (joy@swalanyeti.org)
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