* * * * * * * * * * * *
  Who Do I Ask?   Tourism Training for Wales *
Cymraeg  |   Contact  |   Register  |   Site Map *
  *
Information resource for the tourist industry in Wales.   *
* * * * *
Search - Who do I ask about...? *
* * *
  *
* *
Starting Up Customer Care & Quality Control Employing People Finance & Funding Health & Safety Regulations & Legal Sales & Marketing
Tax
Basic Tax Guide Business Rates Corporation Tax Capital Allowances National Insurance Tax Credits Tax Self-Assessment What is VAT?
Tourism Industry & Suppliers Training 		*
* *
Visit Wales logo
this is the ESF logo
 *
* *

CORPORATION TAX

If you are just starting up in business, it is unlikely you will be trading through a limited company so you probably won’t have to think about corporation tax, but you should check whether it would apply to your business. For instance, a business run as a co-operative (not a partnership) is taxed as a company. If this applies to you, you should ask an accountant for advice.

Corporation tax is charged on the profits made by companies. Unless you run your business as a company, you will not be liable to pay it.

To run your business as a company, you need to issue shares and appoint directors. There are a number of legal requirements. For example, if your business is a company you must keep records for at least six years from the end of the tax year they relate to.

Further detailed information on Corporation tax can be obtained by visiting www.hmrc.gov.uk and following the links.

If you would like to download this document please click on one of the links below:

Corporation Tax (Word Document 110Kb)
Corporation Tax (PDF Document Kb)


Talk to your accountant if you are concerned about corporation tax.

The Inland Revenue produce helpful information about corporation tax.