What what is the Corporation Tax, and how exactly does it affect a Limited Liability Company? The regulation governing the corporate tax is one that you can find to be a little bit challenging to comprehend in its entirety. When it comes to comprehending corporation tax, don't worry; as intimidating as it may sound, Contractor Accounting is here for you every step of the way; as a result, we've produced the following brief tutorial to help you out. What exactly is the tax on corporations? Corporation Tax is essentially a levy on your profits or a charge on any money left over after all of your expenses (including salaries) have been subtracted from your turnover. In other words, it is a tax on whatever money you make after your business has paid all of its bills. For instance, if your company has a revenue of £130,000 and you incurred business expenses totaling £40,000, you would be responsible for paying Corporation Tax on the remaining amount of $90,000. Cheap accountants in...
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