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Tax Calculation

The maths you show directly in your Company Tax Return when calculating how much Corporation Tax you need to pay. Compare 'computation'.

Tax Credit

See 'credit, tax'.

Tax Exempt

See 'exempt'.

Tax Liability

How much Corporation Tax your company or organisation owes.

Tax Payable under S419 ICTA 1988

Refers to the legislation that covers Corporation Tax on directors' loans (S419 Income and Corporation Taxes Act 1988).

Tax Rates

See 'rates, Corporation Tax'.

Tax Relief

See 'relief, tax'.

Taxable Income

Income generated by a company or organisation that is liable to Corporation Tax. See 'taxable profit'.

Taxable Profit

The profits on which the amount of Corporation Tax your company or organisation pays is calculated. Taxable profit includes profits from all types of taxable income such as trading profits and investment profits.

Also known as profits chargeable to Corporation Tax.

Trading

See 'active'.