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Guidelines To Corporation Tax For Every Novice
Total Articles: 48
Corporation Tax is a tax subjected to the earnings of limited organizations, societies and other unincorporated systems. This article details each and every aspect of corporate tax. Hence if you are a beginner, then there’s nothing to worry, this is where you can learn everything regarding corporation tax. Before venturing deep into the topic, let us subcategorise the article.
• What is corporation tax?
• What are its rates?
• Who is subjected to its requirements?
• What are the requisites for a corporation tax?
Coming to the first step of this basic guideline; corporation tax, as described above is the tax payable by companies, clubs, societies and all the related financial bodies. If you are learning about corporation tax, then you ought to learn about taxable profits. So what is taxable profit? The profit gained from taxable income like trading profit, investment profit is known as taxable profit.
Coming to the second step of the guideline; what are the rates of the corporation tax?
Currently two rates are viable depending on the taxable profit of the company. The lower rate which is also known as the smaller profit rate and the upper rate, which is otherwise known as the full or the main rate. Along with these two rates, a new concept also comes to the fore front, which is the “marginal relief”. It is an intermediary measure between the two given rate of interest. For example, if a company’s profit is more than the “lower rate” but less than the “main rate”, then the company has to pay a tax gradually increasing from the lower rate to the main rate depending on the taxable profit.
If you have been reading till now, then there’s absolutely no need of discussing the third point. Adding a little bit of information, here the financial year starts from April 1 to March 31. Like any other tax, the taxable year is called as the financial year.
And lastly, let’s have a brief discussion on the last aspect of our questionnaire. What should a company do, if it is subjected to corporation tax? Go through the following points to find the answer:
• Report it to the HRMC that it is liable
• Do not hesitate to pay the stipulated tax at right time, in order to avoid any sort of issues or hassles.
• File tax return along with all necessary documents
• Learn about the deadlines
• Clear all your dues and pay before you file for tax return
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