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Corporation Tax

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    Corporation Tax

    When is corporation tax due?

    Having read the info, it states 9 months and 1 day after your company's anniversary.

    So for example, if my company started on 20th Jan 2014, 1 year later is 20th Jan 2015, so is my corporation tax due 9 months and 1 day AFTER 20th Jan 2015?

    If so, I assume it's 20% of (my takings between Jan 2014 and Jan 2015 LESS expenditure, salary, etc.)?

    Thanks

    #2
    No, Corporation Tax is 37.42% of your turnover and it must be paid by 1983.

    Comment


      #3
      Originally posted by smileyface View Post
      When is corporation tax due?

      Having read the info, it states 9 months and 1 day after your company's anniversary.

      So for example, if my company started on 20th Jan 2014, 1 year later is 20th Jan 2015, so is my corporation tax due 9 months and 1 day AFTER 20th Jan 2015?

      If so, I assume it's 20% of (my takings between Jan 2014 and Jan 2015 LESS expenditure, salary, etc.)?

      Thanks
      YOU don't pay Corporation Tax, why do you think that?

      Comment


        #4
        Originally posted by stek View Post
        YOU don't pay Corporation Tax, why do you think that?
        If he hasn't got a butler or a subservient partner then it may well be him. Yes you can argue that the Ltd company is the entity that pays then tax but there is always some poor sod that has to put the cake down and tap away at the keyboard for two minutes to authorise the payment. So you could say HE is paying it. Semantics. Meh!

        smileyface - yes nine months after company year end the tax is due. Yes, 20% of profit (turnover minus expenses) is the right amount.

        Comment


          #5
          Originally posted by jamesbrown View Post
          No, Corporation Tax is 37.42% of your turnover and it must be paid by 1983.
          Who is this 1983 you speak of. Is she nice? Does she have her own teeth?

          Comment


            #6
            Originally posted by administrator View Post
            If he hasn't got a butler or a subservient partner then it may well be him. Yes you can argue that the Ltd company is the entity that pays then tax but there is always some poor sod that has to put the cake down and tap away at the keyboard for two minutes to authorise the payment. So you could say HE is paying it. Semantics. Meh!

            smileyface - yes nine months after company year end the tax is due. Yes, 20% of profit (turnover minus expenses) is the right amount.
            ... or her.

            Comment


              #7
              Originally posted by administrator View Post
              Who is this 1983 you speak of. Is she nice? Does she have her own teeth?
              She's like 7-of-9, only she assimilates first and asks questions later.

              Comment


                #8
                Just paid mine, kicked the cat and swore at my children to make me feel better. I can remember a time when if you ever paid that amount of money in one go you got a house.
                I'm not even an atheist so much as I am an antitheist; I not only maintain that all religions are versions of the same untruth, but I hold that the influence of churches, and the effect of religious belief, is positively harmful. [Christopher Hitchens]

                Comment


                  #9
                  I paid mine in 1983 so now get to keep everything I earn.
                  Will work inside IR35. Or for food.

                  Comment


                    #10
                    Originally posted by GlenW View Post
                    Just paid mine, kicked the cat and swore at my children to make me feel better. I can remember a time when if you ever paid that amount of money in one go you got a house.
                    Mrs Eek's new car (ex demo zafira ) cost me less than the amount I paid HMRC a fortnight earlier...

                    Granted it was a very good deal (Garage owed us a favour) but even so....
                    Last edited by eek; 3 February 2015, 10:11.
                    merely at clientco for the entertainment

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