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Monday
Oct112010

A Healthy Increase in Corporation Tax Receipts

Corporation Tax is a tax that hits many big businesses. It has been interesting as an accountant to read about the huge leap in receipts that has been evidenced in this area recently.

According to recent reports the amount of Corporation Tax that has been collected has increased by 38%. This is a significant jump from the previous year’s figures. The fact that the figure is much higher is good news for the economy because it means the businesses paying the tax have managed to bring in much better profits. As with all taxes, the amount of Corporation Tax a business pays depends on how much that business earns.

I have certainly noticed a livelier atmosphere in business in general this past year. After the woes of the recession and the struggle to get back to something resembling normality again, it has been nice to see businesses and clients bringing in more profits.

A spokesman for the Treasury was cautious in their opinion of the situation however. They warned – quite rightly – that the country was not yet back to its pre-recession status. The deficit still hangs over the country and although the tax receipts are better overall than they have been, they are still not as high as they were before the recession took hold.

As an accountant with St Matthew I feel it is necessary to point out the importance of making sure you are always paying the correct amount of tax. This applies to Corporation Tax for those businesses affected by it, as well as other businesses paying regular Income Tax on profits. Contact us now for professional advice and insight into your own tax situation.

 



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