OfficiaNet - Knowledge Base
Tax and your BusinessTax collection is performed by a government agency such as Canada Revenue Agency, the Internal Revenue Service (IRS) in the United States, or Her Majesty's Revenue and Customs (HMRC) in the UK. When taxes are not fully paid, civil penalties (such as fines or forfeiture) or criminal penalties (in some nations this could include incarceration) may be imposed on the non-paying entity or individual. Income TaxAn income tax is a tax levied on the financial income of persons, corporations, or any other legal entity. Various income tax systems exist, with varying degrees of tax incidence. Income taxation can be progressive, proportional, or regressive. When the tax is levied on the income of companies, it is often called a corporation tax. Personal income tax is often collected on a pay-as-you-earn {PAYE) basis, with small corrections made soon after the end of the tax year. These corrections take one of two forms: payments to the government, for taxpayers who have not paid enough during the tax year; and tax refunds from the government for those who have overpaid. Corporation TaxThe company will also pay corporation tax (sometimes called corporate tax) on its business profits (the bottom line figure on your profit & loss account). Within the UK profits less than £10,000 are currently free from corporation tax but there are different rates for profits above this level. The measure of taxable profits varies from country to country. |
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