Company Taxation

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Company Taxation

Always ensure that you are compiling proper records of all expense and receipt information of any costs your company incurs - this means that some of the money you spend you can claim back in capital allowances for certain types of company expense at the end of the tax year. To discover whether your new business actually is likely to be liable for corporation tax - how much taxable profit the business makes - you need to inform the Inland Revenue by filling in a self-assessment tax form CT600.

Broadly speaking, there are three different corporation tax bands (rates for tax year 2004/5):

1. The Starting Rate band is 0% for the first £10,000 worth of profits (once all tax deductions have been made).

2. Small Companies Rate - 19% on profits from £50,001 to £300,000.

3. Full Rate for companies with profits of £1.5 million plus - 30%.

Good professional advice is essential to ensure that your tax liabilities are paid on time to avoid penalties and good tax planning can keep your tax bill down. You can call us on 0845 108 0505 or complete a Quick Enquiry Form and we will arrange for one of our expert advisers to contact you.

Business-Loans.co.uk can give you everything you need to know about business finance. For the best deals available for personal loans, visit us at www.personal-loans.co.uk