How JustAnswer Works:
  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site. Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.
Ask TonyTax Your Own Question
TonyTax
TonyTax, Tax Consultant
Category: Tax
Satisfied Customers: 15950
Experience:  Inc Tax, CGT, Corp Tax, IHT, VAT.
13905389
Type Your Tax Question Here...
TonyTax is online now

Do I assume therefore, he will only pay corporate tax on any

Resolved Question:

Do I assume therefore, he will only pay corporate tax on any profit he,s made? Thank you.
Submitted: 2 years ago.
Category: Tax
Expert:  TonyTax replied 2 years ago.
Hi.

The company will pay tax on its profits which is basically its income less its expenses such as salary and other deductible costs such as materials, travel, motor costs, insurances, legal and professional fees, sub-contractors etc. Assuming the profit is no more than £300,000, the tax charge will be 20%. Take a look here for more information on corporation tax.

I hope this helps but let me know if you have any further questions.
TonyTax and other Tax Specialists are ready to help you