http://www.kenniffonline.com/profits-after-taxes/
"It is estimated corporation tax on profits before or after dividends paid.?
I am completing my first years corp. statement taxes. After my income of £ 30k made £ 12,800 profit so I paid a dividend of £ 11k. Is my TC on the basis of £ 12.800 and £ 1800 and would have been better to have taken the £ 11,000 as a salary in lieu of a dividend.
First a company has no profit, has a turnover which expenses are deducted to arrive at the net profit under UK GAAP. Net profit adjusted in accordance with tax laws. If you have to ask what figure to put in the form of CT, then I'm assuming that you have not properly prepared accounts. If there was, then your accountant or tax adviser would have at its disposal a computation CT and / or completed the performance of the company name. Calculate the TC, due to the £ 12,800. Dividends are not expenses of income, but a distribution of profits after tax. Has the benefit is adjusted in line with the tax laws of the United Kingdom? Have taken advantage of relief available to the company? If you are unsure, I recommend you book an appointment with an accountant as soon as possible to get their bills corrected. Remember, taxes are not easy. You need a tax inspection between 4-7 years to complete training in the corporate tax and for good reason! The companies must submit a CT600, a fiscal computuation (including capital gains and capital allowances – if available) and a copy of company accounts.
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