Corporation Tax return calculation
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layney
Apprentice
Joined: 31 Jul 2007
Posts: 5
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 Posted: 12/29/07 - 09:31 Post subject: |
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| The end of the year is very close and my family business is running good toward it only I would like to calculate corporation tax return. I asked around and was told that the best way is to take software for it. Since corporation taxes are major tax type I think we have a lot of work to do till the end of the year. |
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vernen
Apprentice
Joined: 18 Apr 2005
Posts: 6
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| Posted: 01/28/08 - 04:00 Post subject: |
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| There are lots of forms that need to be filled and instructions to be followed to calculate corporation tax return depending what type of corp your family business is. In order to know how much is owed you need to find out precisely how much taxable profit you made in the accounting period covered by company tax return. First you have to define which corporation tax rate you fit in so there are two types: the small companies’ rate (0-300,000) and the main rate (1.5million and above). I have information that in 2007/08 year small companies’ rate will be increased from 20% to 21% and the main rate will be reduced from 30% to 28%. Companies are liable only to corporation tax on their net chargeable gains. |
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