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This guide is intended to help unincorporated business owners with their tax planning.
Individuals pay tax on the profits of their unincorporated business at income tax rates ranging from 20% to 45%. In addition, there is a liability to class 4 national insurance contributions (NICs), which is taxed at a rate of 9% on taxable profits from £7,956 to £41,865 and thereafter at a rate of 2% without limit.
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