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Small Business Tax Planning: All you need to know from start-up to retirement by Russell Cockburn

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Appendix 1: The UK Tax Regime for Small Companies

Outline

UK companies are subject to a separate tax regime from individuals and partnerships and, importantly, are treated as completely separate taxpayers from their shareholders.

The shareholders in a company are taxed as individuals and the company is subject to its own different and separate tax regime from those who own or work within the company. This means that whenever profits or gains are extracted from a company, either as salary, bonuses, benefits in kind or dividends, tax liabilities will arise on those receiving the profits and possibly on the company as well.

All UK companies are liable to corporation tax (CT). If a UK company has any income arising overseas it is still potentially ...

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