Calculating Corporation / Business Tax
Earnings Tracker calculates how much corporation tax is due.
Corporation tax is a tax on a company's profits. For the fiscal year 2007-2008, for a business (limited company) with a profit of between £1 and £300,000, the rate is is 20%. For the fiscal years 2008-2009 and 2009-2010, the percentage is 21%. (The Chancellor of the Exchequer had intended to increase the rate by 1% for the year 2009-2010, but he announced in his 2008 Pre-Budget Report that it will remain at 21% for another year.)
Corporation tax is calculated at the end of every accounting year and must be paid to HM Customs and Excise within nine months of the financial year end.
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