According to the law, businesses must remit corporation tax on any profits they make from or as limited companies, foreign organizations with branches in the UK, clubs or cooperatives. As a company, paying your taxes is your job. The government does not send you a bill at the month’s end with details. You must register for Corporation tax, maintain proper accounting records, pay tax on time or inform the authority if you have nothing to pay tax on and file returns on time.
There has been a growing trend of offshore company and bank accounts formations for tax reasons. Since its inception in the year 1965, corporation tax has endeavoured to make the playing field level in business by making individuals exempt from paying corporation tax. Charitable organizations and non profit entities are also not expected to pay this particular type of tax. Read More...
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