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How is Corporation Tax calculated?
sillysausage237
Posts: 24 Forumite
in Cutting tax
Just wondering how Corporation Tax is worked out for a Ltd Company? Is it calculated AFTER all the other taxes have been taken off (e.g. VAT, payroll etc) or is it calculated as a percentage of everything before taxes have been payed.
For example, if a company makes £80k per year before paying out VAT, payroll etc, is the Corporation Tax calculated as a pecentage of this £80k or is it calculated after the other taxes have been taken off, so a percentage of say £65k (approximate figure after VAT and payroll taxes have been taken off)?
Many thanks in advance for any help.
For example, if a company makes £80k per year before paying out VAT, payroll etc, is the Corporation Tax calculated as a pecentage of this £80k or is it calculated after the other taxes have been taken off, so a percentage of say £65k (approximate figure after VAT and payroll taxes have been taken off)?
Many thanks in advance for any help.
0
Comments
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In short it is paid on net profit only, so after you have deducted all allowable expenses.0
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