Businesses pay tax just like the rest of us, and how much you pay will vary according to how your business works:

Are you setting up in business as a self-employed individual, or as a limited company / limited liability partnership (LLP)?

Will anyone be working for you as an employee? 
How much turnover do you expect to have in your first year of business, and how much profit do you expect to make? 
Looking at the list of taxes that will or may be payable is rather like playing a real life game of Monopoly. But then no one said setting up your own business was easy:
Income tax and self-assessment: This works differently for self-employed people.

National Insurance contributions: There are a number of different forms of NICs, but to qualify for a state pension you'll need to keep up payments.

VAT (Value Added Tax): If your turnover hits or is expected to hit £64,000 a year, you must register for VAT.

Corporation tax: This is tax payable on profits to HMRC (HM Revenue & Customs, formerly the Inland Revenue).

Business rates: Every business that operates business premises must pay these rates to their Local Authority (think of them as the business equivalent of council tax).

Capital Gains Tax: This must be paid on any profit made if and when the business/asset is sold.

Stamp Duty: This is collected on the purchase of property, stocks or shares when a long or high value lease is signed.

Importing and exporting: If your business involves importing goods from outside the European Union, you may be subject to this tax .

Taxes for business are generally complicated, and you will probably need an accountant to help you keep on the right side of HM Revenue & Customs. If you are setting up a company or LLP you will definitely require the services of an accountant to audit your financial reports and submit returns to Companies House.

For more information, visit the HM Revenue & Customs website.