Imran Watson Chartered Accountants

𝐇𝐨𝐰 𝐝𝐨𝐞𝐬 𝐂𝐨𝐫𝐩𝐨𝐫𝐚𝐭𝐢𝐨𝐧 𝐓𝐚𝐱 𝐰𝐨𝐫𝐤?

Is corporation tax causing confusion in your business? We’ve got the lowdown on how corporation tax works and when your new company will need to pay.

Corporation tax is a tax that’s levied on your company’s profits.

When you operate your business through a limited company, that company is considered to be a separate entity from you as an individual. Among other things, this means you have to pay corporation tax (CT) on your company’s profits

But how does CT work? And what do you have to pay?

How does Corporation Tax work? – Imran Watson Business & Strategy September 3, 2022 admin It is a long established fact that a reader will be distracted by the readable content of a page when looking at its layout. The point of using Lorem Ipsum The man, who is in a stable condition in hospital, has “potentially life-changing injuries” afte...

Changes to Dividend Allowance!!

From April 2016 the Dividend Tax Credit will be replaced by a new tax-free Dividend Allowance.

The Dividend Allowance means that you won’t have to pay tax on the first £5,000 of your dividend income, no matter what non-dividend income you have.

The allowance is available to anyone who has dividend income.

Headline rates of dividend tax are also changing.

You’ll pay tax on any dividends you receive over £5,000 at the following rates:

7.5% on dividend income within the basic rate band
32.5% on dividend income within the higher rate band
38.1% on dividend income within the additional rate band

THE AVERAGE LENGTH of tax enquiries undertaken by HMRC's local compliance teams into ordinary taxpayers has increased by 20% over the last year
http://www.accountancyage.com/aa/news/2420735/average-tax-enquiry-now-takes-three-months

Average tax enquiry now takes three months The average tax investigation now takes three months, according to data from tax investigations insurer PFP

For nearly seven years, Andrew Bettis, 43, of Saltcote Maltings, Heybridge Maldon, Essex, used the Pay As You Earn (PAYE) system to deduct Income Tax and NICs from his employees' wages, but kept the money rather than pay it to HM Revenue and Customs

http://www.accountancyage.com/aa/news/2421169/book-keeping-boss-jailed-for-gbp250k-nics-and-vat-fraud

Book-keeping boss jailed for £250k NICS and VAT fraud Andrew Bettis