A guide to UK Corporation Tax
Corporation Tax is is a tax on annual profits for all UK limited companies, with a standard rate for all businesses set at 19% (since April 2016).
As soon as a company starts making money, it needs to pay Corporation Tax on its profits it makes, its investments and when it sells assets for more than they cost.
It works a bit like Income Tax for companies, but as businesses don’t receive any kind of tax-free allowance, all profits are taxable. The good news is that there are a number of expenses that be claimed to reduce your bill.
What TS Partners can do for you
We also offer advice and guidance generally at the start of our relationship with you on items such as:
- Home office licences (to maximise legitimate expenses incurred on your home)
- Dividends v salary
- Spouse as director/shareholder
- Mileage v company cars
- Travel & subsidence
- Mobile phones
- Health insurance
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