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TonyTax
TonyTax, Tax Consultant
Category: Tax
Satisfied Customers: 15950
Experience:  Inc Tax, CGT, Corp Tax, IHT, VAT.
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If my business is a ltd company and earns less than 5,000 what

Customer Question

If my business is a ltd company and earns less than 5,000 what corporation tax or any others fees would be involved?
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Submitted: 3 years ago.
Category: Tax
Expert:  TonyTax replied 3 years ago.

Hi.

If a company makes a profit after expenses and capital allowances of £5,000, the corporation tax liability will be £1,000 (20%). Look here for the rates of corporation tax.

Companies House require an Annual Return to be submitted which costs £13 if filed electronically or £40 if filed on paper as you will see here.

The only other fees you would pay would be to an accountant if you used one.

I hope this helps but let me know if you have any further questions.