Corporation tax is a tax on the profits earned by companies and other types of businesses. It is a direct tax and is imposed by Revenue (Ireland Tax Departments). Company must be trading and earning profit then Corporate tax is calculated. If a company is not making any money or incur loss then no Corporation tax will be applicable. However, despite the fact the company is making a loss, a corporate tax return needs to be submitted to Revenue with full facts and figures such as Sales, Costs of Sales, Permissible expenses wholly and exclusively used for the purpose of trade or profession of the company. Examples of allowable/permissible/admissible expenses include employee salaries, rent, utilities, insurance, and business travel expenses. However, not all expenses are allowable, so it’s important to consult with a tax advisor to ensure that expenses are being deducted appropriately.
Corporation tax is a tax on the profits of a company, while income tax is a tax on the income of individuals. Companies and individuals are subject to different tax rules and regulations, so it’s important to understand the difference between the two.
It’s important to note that corporation tax rules and regulations can be complex. Companies may need to seek the advice of tax professionals to ensure compliance with local tax laws and regulations
An accountant can play an important role in helping a company to comply with corporation tax regulations. An accountant can assist with tax planning, ensure that expenses are being claimed appropriately, prepare and file tax returns, and provide advice on how to minimize tax liabilities. It’s important to work with an accountant who has expertise in corporation tax to ensure that the company is in compliance with all relevant regulations.
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