In order to pay your Corporation Tax, if you have a Limited Company, you would need to calculate your profit figure. This is calculated after you have subtracted your expenses from your income and used any capital allowances you may be entitled to. This profit figure is then subject to UK Corporation Tax.
Your Corporation Tax has to be paid nine months after the year end. For example, if your year end is 31st December then your Corporation Tax needs to be paid by the following September. Please see the attached video for an illustration of how Corporation Tax is calculated. If you have any questions and would like more information on this subject then please do not hesitate to get in touch with us at the office.
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