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Sales tax: The sales tax rate is a tax charged to consumers based on the purchase price of certain goods and services.
The Sales Tax records things for the accounting period like:
• your total sales and purchases
• the amount of VAT you owe
• the amount of VAT you can reclaim
• what your VAT refund from HMRC is
You must submit a VAT Return even if you have no VAT to pay or reclaim.
Corporation Tax: The Corporation Tax rate for company profits is 20% You pay Corporation Tax at the rates that applied in your company’s accounting period for Corporation Tax.
You must pay Corporation Tax on profits from doing business as:
• a limited company
• any foreign company with a UK branch or office
• a club, co-operative or other unincorporated association, eg a community group or sports club
You don’t get a bill for Corporation Tax. There are specific things you must do to work out, pay and report your tax.
• Register for Corporation Tax when you start doing business or restart a dormant business. Unincorporated associations must write to HMRC.
• Keep accounting records and prepare a Company Tax Return to work out how much Corporation Tax to pay.
• Pay Corporation Tax or report if you have nothing to pay by your deadline – this is usually 9 months and 1 day after the end of your ‘accounting period’.
• File your Company Tax Return by your deadline – this is usually 12 months after the end of your accounting period.
Your accounting period is normally the same 12 months as the financial year covered by your annual accounts.
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