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Corporation
tax (TA 3)
Corporation tax is the tax paid by companies
on their profits. Unincorporated organisations (such as clubs and societies)
also pay corporation tax, if they have taxable income. Partners in both
traditional and limited liability partnerships and sole traders pay income
tax instead.
If
you use accountants to prepare your year-end figures, or auditors to check
them, they may calculate your corporation tax liability, too. But you
cannot afford to ignore corporation tax until the year end, because your
activities during the year could have a significant impact on the final
bill.
This briefing explains:
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