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In the United Kingdom, corporation tax is a corporate tax levied in the United Kingdom on the profits made by UK-resident companies and on the profits of entities registered overseas with permanent establishments in the UK.
The Corporation Tax rate is now standardised at 19% for all limited companies. Prior to April 2016, Corporation Tax was tailored to the size of a business’ profits.
For the majority of our readers, the most applicable rate would probably have been the small profits rate of 20%, tailored for companies with annual profits of £300,000 or less.
The other principle rate applied to firms with profits of £300,000 or more; and was known as the main rate.
Value Added Tax
What is VAT? The Value Added Tax, or VAT, in the European Union is a general, broadly based consumption tax assessed on the value added to goods and services. It applies more or less to all goods and services that are bought and sold for use or consumption in the European Union.
The standard rate of VAT increased to 20% on 4 January 2011 (from 17.5%). Some things are exempt from VAT , eg postage stamps, financial and property transactions. The VAT rate businesses charge depends on their goods and services. Check the rates of VAT on different goods and services.
Quickbooks online, Xero, Sage Professional is the most professional softwares to calculate accurate VAT for our clients.
A payroll is a company's list of its employees, but the term is commonly used to refer to: the total amount of money that a company pays to its employees. a company's records of its employees' salaries and wages, bonuses, and withheld taxes. the company's department that calculates funds and pays these.
Payroll processing refers to the task of managing the payment of wages by a company to its employees. The steps involved in payroll processing typically include gathering employee time information for a selected time period, managing benefits & deductions, and distributing employee pay for that time period.
we are using the most recent and professional softwares to provide best services to our client, Bright-pay 2018 version bring the most professional payroll facility for our firm.
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Find out more about Self-Assessment Tax Return