Understanding all of the rules and regulations of UK tax can be challenging because of its vastness. You might feel confused with so many different tax types, each with its own tax bands and thresholds, allowances, rates, and relief schemes! The structure of a business also influences its tax reporting requirements and deadlines, adding to the already confusing situation. Thus depending on your business structure— whether it's sole proprietorship, limited company, partnership, or other — you pay taxes differently.