When you start up a business, should you choose to form a limited company, you will have to assess your business for corporate tax. This essentially examines your profits for the previous tax year and looks at your own tax liability.

Depending on the profits your business makes, the rates you pay will vary.  Below are the rates for 2009/10:

• Profits of £0-£300,000 – 21%
• Profits of £300,001-£1.5m – 29.75%
• Profits of £1,500,001 and over – 28%

If you are struggling to calculate how much tax you owe, speak to Pollard & Co and let us help you to make the right calculations, and ensure you have taken everything into consideration.
 
Whether you are a worried about the cost of your small business tax or are more interested in learning about how corporate tax works, at Pollard & Co we can help you to calculate your rates.