Small Business Tax Dictionary

Corporation Tax is a tax in the United Kingdom on the profits of limited companies and some other organisations, such as clubs and societies. The tax is calculated based on taxable profits, which include trading profits, investments, and capital gains. Understanding and complying with Corporation Tax regulations are vital for UK businesses, affecting financial planning, reporting, and legal obligations. Proper management of Corporation Tax supports business integrity, financial accuracy, and compliance with UK tax laws, contributing to responsible corporate citizenship and sustainable growth.