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  Taxation

Introduction to Taxation

Other result of the legal separation of the limited company from its owners is that companies have to be responsible to the tax authorities for tax on their profits and gains. In the financial statements of limited companies this leads to the reporting of tax. The charge for tax is displayed in the income statement (profit and loss account). The tax charge for a specific year is based the profit of that year. Because only 50 percent of a tax liability of company is due for payment throughout the year concerned, the other 50% will appear on the end-of-year statement of financial position (balance sheet) like a short-term liability. The tax position of companies differs with that of sole proprietorships and partnerships, in which tax is levied not on the business but on the owner(s). So tax does not influence on the financial statements of not incorporated businesses, but is an individual matter among the owner(s) and the tax authorities.

On their profits and gains Companies are charged corporation tax. The % rates of tax tend to change from year to year, but have just been 28 per cent for larger companies and 21% for smaller companies. These rates of tax are levied on the taxable profit of a company that is not essentially the same like the profit displayed on the income statement. This is due to in every respect the tax law does not follow the normal accounting rules. Though, usually the taxable profit and the accounting profit of a company are pretty related to one another.

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