UK Corporation Tax Explained
Вставка
- Опубліковано 25 лип 2024
- *This is a new re-make of our Corporation Tax Masterclass*
In this masterclass Senior Tax Tutor Neil Da Costa explains everything you need to know about Corporation Tax.
MORE ACCA REVISION:
• ACCA Revision
00:00 - 03:13 Intro
03:13 - 03:16 Tax Accounting Periods
03:16 - 12:19 Residence
12:19 - 22:07 Corporation Tax Proforma
22:07 - 24:28 Payments
24:28 - 40:37 Example Questions
40:37 - 42:05 Outro
Nailed it.! Thank you for your services
Very useful. Thanks for sharing your knowledge.👍
Truly outstanding!
I understand your tutorial
Can you explain why the last payment is 2/n please.
6:40 what about companies that hold their board meetings online via things like zoom and make major decisions during these meetings resulting in there being no one country where they are done.
Hi, i have confused about donations. If I am an individual and has only dividend income (additional taxpayer), I donate 5,000 for a registered charity in 2020/21. So, what amount does the charity can be claimed? (still 5000*20% or 5000*7,5%). And my tax relief is gross amount * (38.1%-7.5%) or (38.1%-20%)? Thanks in advance.
Hi there!
The payment to a charity by the individual of £5,000 is treated as paid net of 20% income tax.
As a result the gross figure is £5,000x 100/80= £6.250 . The charity will claim back the £1,250 directly from HMRC .
In so doing everyone gets tax relief for the 20% basic rate at source.
The next thing that happens is the £6,250 is added to both the basic rate band and the higher rate band.
For an additional rate taxpayer with dividends , this would mean that £6,250 of the dividends would be taxed at 32,5% instead of 38.1%
This would therefore offer additional tax relief of 5.6%
Do UK Non Resident company have to pay 20% Corporate Tax regardless that income is from UK or Worldwide Since April 2021 ?
Hi there, thank you for your question! Non-resident companies only pay UK corporation tax if they have a UK permanent establishment. The rate of corporation tax is 19% until 1.4.23 when it will increase to 25%
@@KaplanUK-EN what about UK non-resident e-sellers who don't sell in UK ?
@@pbp-purebeautyperfect6789 Non resident e-sellers do not pay corporation tax in the UK
"BUT THIS COMPANY FOR HERE IS NOT A ROMANTIC DAY "🤣🤣🤣
I must have missed something!
How does the company know what Corp Tax to pay on account if the accounting year has not ended?? We used figures that were given to us for the whole of the accounting period and then went back in time! Are we using estimates of financial year end?
I hope this may help you out. Typically, a company will make estimated tax payments based on their expected income for the current year. These estimates may be adjusted as more information becomes available or as the actual results for the year are calculated. If the accounting year has not yet ended, it may be necessary to use estimated figures for the current year in order to calculate the appropriate tax payment.
When will be the 1st due date for corporation tax if the accounting period is less than 7 months?
Hi there Khalid, the first payment is due 7 and a half months after the start date of the accounting period and the balance is payable no later than 3 and a half months after the end of the relevant period.
I have a question when establishing a company for non-residents in Britain and I am from Iraq. It will be a clothing brand company. Clothes are manufactured from Turkey and sold within Turkey and Iraq. Are there any taxes that will be imposed on the company. Knowing The director of a company and employees will not be resident in the United Kingdom
Hi there! If the company is incorporated in the UK, then the company is always automatically UK resident. The country where the goods are sold or the location of the directors is not relevant.
part 2 is not there for corporation tax