How do you calculate Corporation Tax?
Corporation tax is the tax that UK companies have to submit each financial year to HMRC to pay on their taxable profits.
The current corporation tax rate is 19%, so if your company has a Turnover of £100,000 during the financial year with £20,000 as tax deductions, you would pay 19% on £80,000 = £15,200 corporation tax to pay.
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