Tax Treatment of Different Business Models Flashcards
1
Q
What are sole traders taxed on?
A
1) Income tax
2) Capital gains tax
2
Q
What are partnerships taxed on?
A
1) Income tax individually
2) Capital gains tax individually
3
Q
What are LLPs taxed on?
A
Taxed as individuals such as partners
4
Q
What are companies taxed on?
A
Corporation tax on taxable total profits
5
Q
What is corporation tax made up of?
A
Income profits and capital gains
6
Q
What do shareholders pay tax on?
A
Income tax on dividends
7
Q
You enjoying this?
A
Nope
