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bigduckontax
bigduckontax, Accountant
Category: Tax
Satisfied Customers: 10268
Experience:  FCCA FCMA CGMA ACIS
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Want to see what kind of tax my company will be responsible

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want to see what kind of tax my company will be responsible to paying for
JA: Have you talked to a tax professional about this?
Customer: no
JA: Is there anything else the Accountant should know before I connect you? Rest assured that they'll be able to help you.
Customer: We're a peer to peer vehicle renting platform, which allows rental companies and individuals to rent out their vehicles
Customer: replied 16 days ago.
look at Turo or getaround for reference

Corporation Tax (CT) for any trading surplus.

Customer: replied 16 days ago.
how about for the hosts who have made money via our platform, do we sort out the sales tax or would be able to leave this with the hosts?
Customer: replied 16 days ago.
VAT

Does your turnover in any 12 month period exceed 85K?

Customer: replied 16 days ago.
we are not live yet

You need not bother with VAT until turnover reaches the threshold of 85K.

Customer: replied 15 days ago.
would I need to handle the sales tax for my hosts for each booking?

Ye, but as I said you need not worry about VAT until sales reach the threshold.

bigduckontax and other Tax Specialists are ready to help you
Customer: replied 15 days ago.
I see, so until I reach the 85k threshold, corporation tax is the only tax I should be concerned about

Correct.