Corporation Tax Part 1
Paul from Michael Paul Accountants Northamptonshire completes a series of articles regarding Corporation Tax. This is part 1 and deals with explaining what Corporation Tax is and who is subject to its requirements.
Corporation Tax is a tax on the taxable profits of limited companies and some other organisations such as clubs, societies, associations, co-operatives and charities.
Taxable profits for Corporations include
- Profits from taxable income (except dividend income)
- Capital gains – known as chargeable gains for Corporation Tax purposes
If a company or organisation is based in the UK it will have to pay Corporation Tax on all taxable profits wherever in the world those profits originate from. If a company isn’t based in the UK but operates in the UK (e.g through an office or branch) it only has to pay Corporation Tax on taxable profits arising from it’s UK activities.
At Michael Paul Accountants Kettering, Corby, Northampton and Market Harborough are conveniently located near to our premises in Lamport although we have clients from all over the UK. We are a firm of Chartered Certified Accountants ensuring you receive a professional and competent service at all times.
If you need any advice regarding Corporation Tax or any other accounting or taxation matters please don’t hesitate to contact us.