Corporation Tax

[xinghu]

Hi

How does Corporation Tax work? Is it a percentage of your sales you need to pay or a fixed amount for every company? I assume it is the percentage so that would imply if a company is not dorman but has no sales, then it would not need to pay Corporation Tax?

If somebody could clarify please?

Thank you
Andrew

[elainec100@cheapaccounting]

percentage of profits subject to various adjustments

[xinghu]

Thank you. What happens if the company did not make any profit?

[David Griffiths]

How much income tax do you pay if you don't earn anything?

[elainec100@cheapaccounting]

profit = 0

CT rate = 21% (currently)

0 x 21% =

[MyAccountantOnline]

Thank you. What happens if the company did not make any profit?

Bear in mind if the company has a loss it can use this to offset against future profits. Capital allowances may also increase the loss as well.

[xinghu]

Thank you for all your help and clarification.

[xinghu]

This is the first time I will be doing my Corporation Tax. Do you think I should seek advice from an accountant? I do have an accountant at the moment, but I don't feel confident. He is kind of laid back :p

[Zeno]

This is the first time I will be doing my Corporation Tax. Do you think I should seek advice from an accountant? I do have an accountant at the moment, but I don't feel confident. He is kind of laid back :p

Must be very laid back if he is leaving you do do your own CT return.

[BudgetB]

This is the first time I will be doing my Corporation Tax. Do you think I should seek advice from an accountant? I do have an accountant at the moment, but I don't feel confident. He is kind of laid back :p

Maybe a new one would be a good idea! Or have a chat with him, laid back doesn't necessarily mean he doesn't know what he's doing.

[elainec100@cheapaccounting]

I would get an accountant to do the CT600

[xinghu]

Thank you for all your help with Corporation Tax. I decided to let my accountant deal with everything. I don't really have the knowledge so it is better this way.

Well.. everybody can't be good at everything now can they?

LOL

Andrew

[elainec100@cheapaccounting]

Thank you for all your help with Corporation Tax. I decided to let my accountant deal with everything. I don't really have the knowledge so it is better this way.

Well.. everybody can't be good at everything now can they?

LOL

Andrew

But you are good at making the right decision :):)

[xinghu]

Thank you :p