Taxes Corporation Tax
- Corporation tax is paid by limited companies on their profits.
- Corporation Tax is a tax on your company's taxable profits.
- Corporation tax rates:
| Rate |
Profits 2010, 2011 |
| 21% |
Up to £ 300 000 |
29.75%
|
From £ 300 000 – 1 500 000 |
| 28% |
Over £ 1 500 000 |
VAT
- In the UK a company or individual must register for VAT if their sales turnover is more than £60 000 in a twelve-month period. (Value of goods and services sold by the company). Registration means that at every stage of production and distribution VAT must be charged on anything that is sold.
- There are three rates of VAT:
- standard rate 17,5%;
- reduced rate 5%;
- zero rate.
- Company can receive VAT number if it has trading activities in UK
Last updated: Jan 2012 |
