Corporation Tax Flashcards
1
Q
What is corporation tax?
A
A tax on profits and chargeable gains of limited companies
A tax on worldwide profits
2
Q
What is the main rate for corporation tax? Who does it apply to?
A
25% for profits over £250k
3
Q
What are the figures for small business rate (corporation tax)
A
19% for profits <£50,000
4
Q
Who does marginal relief apply to? (Corporation Tax)
A
Those with profits between £50k - £250k
5
Q
How is the marginal relief calculated? (Corporation Tax)
A
3/200 * (£250,000 - Taxable Profit)
subtract this figure from the taxpayable at 25%
