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TonyTax, Tax Consultant
Category: Tax
Satisfied Customers: 15977
Experience:  Inc Tax, CGT, Corp Tax, IHT, VAT.
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Do I assume therefore, he will only pay corporate tax on any

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Do I assume therefore, he will only pay corporate tax on any profit he,s made? Thank you.

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.
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