The amount of Corporate Tax due in a Tax Period is calculated by applying the appropriate Corporate Tax rate to the Taxable Person’s Taxable Income (s...
Companies under common ownership can form a Tax Group, subject to meeting the relevant conditions.317 This allows the Tax Group to be treated as a sin...
As noted above, partners in an Unincorporated Partnership can make an application to be taxed at the partnership level, with the partnership itself be...
Where an Unincorporated Partnership has not made an application to be treated as a standalone Taxable Person:• A partner’s distributive share is the s...
Partners in an Unincorporated Partnership are taxed in accordance with the wider Corporate Tax regime. In particular, individuals that are p...
Unincorporated PartnershipsIndividuals, companies and other legal entities may join with others to form a partnership, usually established under a con...
In certain circumstances, where an entire Business or an independent part of a Business is transferred in exchange for shares or other ownership inter...
It is a common practice for closely related Businesses to transfer assets and liabilities between each other for operational reasons. Ordinarily, ther...
In order to compute the Corporate Tax liabilities for a Taxable Person’s first Tax Period, it is necessary for Taxable Persons to have both...
In order to compute the Corporate Tax liabilities for a Taxable Person’s first Tax Period, it is necessary for Taxable Persons to have both an opening...
Calculating Taxable Income is a two-step process:The Taxable Person must first determine their Accounting Income. This will be based on Financial Stat...
Where a Taxable Person’s deductible expenditure exceeds its income that is subject to Corporate Tax, it will have negative Taxable Income. This is kno...
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