Corporate Tax Flashcards
1
Q
Who pays corporate tax?
A
Limited companies
Clubs
Societies
Trade associations
Housing associations and co-operatives
2
Q
Who doesn’t pay corporate tax?
A
Business partnerships or
limited liability partnerships or
Self employed
They are subject to income taxes
3
Q
Taxed on what and when do they pay?
A
Profits raised in accounting period- their financial year
Co.’s resident in UK, pay on worldwide assets.
Co.’s parent company elsewhere, pay UK based profits.
Corp tax paid 9 months after relevant accounting period. For co.s up to a certain threshold
Corp paid quarterly for profits over thresholds. Starting halfway through accounting period
