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Jkility
02-05-2014, 07:21 AM
Hi guys

I've just set up a new company within the UK, a LTD. I've got a business bank setup, setup corporation tax etc, but I heard a while a go that if your profits are below a certain amount that you wont get taxed, is this true or? If my company makes 100 a year for example will that profit be taxed?

Thanks in advance.

pandandesign
02-06-2014, 12:20 AM
Well, since you live in the UK and I live in the United States, which I think we share different regulations and laws about tax. I would suggest you go to visit the internal tax revenue, or whatever your country calls, to find out that amount you need to file the tax when you reach the threshold. Also, I high suggest that you should talk to an accountant about this because you don't want to mess and deal with the tax agency, which can be hassle because they're the king right there. Contact any accountant and ask the question in which you should ask about filing tax.

donaldplozha
02-06-2014, 07:34 PM
A profit of 100 K a year will definitely fall under the taxable amount. I don't know the laws concerning this matter in UK or USA, but I am pretty positive that the above-mentioned amount should be enough for the government to want to have a piece of it.

Qraqq
02-07-2014, 07:45 AM
I came across this problem while studying for an exam. Thankfully it was loosely based on the UK Tax System.

Just check this page out, http://www.hmrc.gov.uk/rates/corp.htm

Hope it helps!

Jkility
02-07-2014, 10:25 AM
A profit of 100 K a year will definitely fall under the taxable amount. I don't know the laws concerning this matter in UK or USA, but I am pretty positive that the above-mentioned amount should be enough for the government to want to have a piece of it.

I mean 100.00 not 100,000