If a taxpayer feels that HMRC has made mistakes, treated them unfairly, or they have been subject to...
Corporation Tax is very similar to an income tax, with the noted exception that corporation tax is applicable to profits earned by resident and registered corporations. Prior to 1965, corporations were required to pay income tax in the same manner as private residents. However, the Finance Act of 1965 enacted a new piece of legislation which sought to separate these two taxes. It not only brought forth a corporation tax, but also succeeded in placing a tax on all capital gains, whether made by the corporation or individual. Corporation tax must be paid if the said corporation is a limited company. It also applies to companies which act as organisations, regardless of whether or not they are incorporated. These include members’ clubs, trade and housing associations, societies, and co-operative partnerships. Though it may appear to be somewhat complex, you can trust that you are in good hands with our dedicated tax accountants, as we have in depth knowledge and understanding of this area of financial accounting.
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