Corporation tax is the tax on the profits your company has made. If for example your company invoices £10,000 per month and you didn’t have any expenses, corporation tax would be payable on the full £10,000.
However, if you had £2,000 of expenses, corporation tax is only now due on £8,000. There are further considerations such as your PAYE salary, dividends or even the flat rate VAT scheme but hopefully it will give you a basic understanding of how corporation tax is calculated.
Corporation tax is due 9 months after your year end. With Compact Accounts you will have access to your own online portal that will show you this important date and also an estimate of the amount that will be due.
Business Tax Advice For Corporation Tax, Capital Gains And Restructuring, HMRC Enquiries, IR35 Advice And Support.
Taxation can be complicated with ever increasing legislation however our team of experts are on hand to help guide you through the minefield and ensure you remain compliant and up to date with appropriate taxation.
Here at Compact Accounts we have made it our aim to take the weight off of your shoulders when it comes to Accounting and Taxation Services.
We offer a wide range of services to fit your business needs and all at highly competitive prices.
Our knowledgeable staff are here to provide you a professional and efficient service so you can rest assured that your payroll and taxation is being managed by the experts.
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