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Corporation tax

All companies are subject to Corporation Tax on their taxable profits. This is currently charged at 20% for companies with profits under £300,000.

Taxable profits are not the same as your net profit. Adjustments need to be made for depreciation, capital allowances, chargeable gains, relevant income, deductions, reliefs, allowances and losses. Once your taxable profit has been calculated and your Corporation Tax computation completed, the computation must be filed on-line, no later than 12 months after your year end.

Unlike other taxes, your Corporation Tax liability must be paid no later than nine months and one day after your year end for companies with annual profits not exceeding £1.5m. In other words, your tax is payable before your tax return is due.

We offer a comprehensive Corporation Tax service providing all the support you need.

Call Ruth Pringle direct on 07786 156247 or email for more information.

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