|
|
|
|
|
Her Majesty's Revenue & Customs (HMRC) are responsible for applying the law in the case of Taxation and there is a great deal of information available on their web site. What we provide here is an outline of the important issues regarding Corporation Tax
This is a tax that is due on the business profits gained by an incorporated enterprise which is treated as a seperate entity with regard to personal finances. This means that the profit belongs to the Company and must be dealt with as such
The rates of Corporation Tax vary and there are a number of rules that need to be followed in order to conform with the law
apart from the annual return of a detailed Operating Statement (Profit and Loss Statement) and a Balance Sheet to HMRC for taxation purposes it is necessary to make a more detailed return of financial activities to Companies House for which a fee is payable
personal tax returns are still necessary since you will be taxed on your earnings with the Company rather than on the profits if you were a sole trader. The implication here is that your Company may not make any profit but you will still be liable for personal tax
Comments and suggestions for improving this site are appreciated and should be addressed to administration
Last Update 02-Mar-2010
Date first published 07-Nov-2005