This is a broad subject so it is difficult to get into particulars because there are so many factors to consider but in easy terms, a business can be registered under one of two different tax systems:
- Accounts
- Fixed tax
It is important to choose wisely at the start of your business because once you register under a particular system, the tax office will not allow you to change within a three year period so unfortunately, you cannot test the waters and change your mind later if it doesn’t work out for you.
