Taxes Corporation Tax
- Corporation tax is paid by limited companies on their profits.
- As a private limited company you have to:
- complete a corporation tax return (form CT600) every year;
- supply a set of accounts with your form CT600.
- Corporation Tax is a tax on your company's taxable profits.
- Corporation tax rates:
| Rate |
Profits 2006-2007 |
| 19% |
First: £ 300 000 |
| 32.75% |
Next: £ 1 200 000 |
30%
|
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 .
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