The most important thing to remember about limited companies is that each is an individual in Law.
A partnership exists where two or more persons come together with a view to profit.
People who work for themselves are classed as sole traders and are subject, primarily, to income tax and National Insurance costs.
Inheritance tax is charged on transfers of capital by or to individuals.
Registration for VAT is compulsory once the turnover exceeds £85,000 in a rolling year
The disposal of an asset for a profit may lead to a charge to Capital Gains Tax.
This tax is levied on the worldwide profits of companies and of unincorporated bodies that are not partnerships, such as members' clubs.
Income tax is potentially payable by everyone but there are rules which make life easier depending on circumstances.
Tax is just like the dodgems at the fair, you swerve to avoid one and slap straight into another.