Our Company qualifies for the small company limit (under €200,000 tax liability in preceding year). We paid no Corporation tax last year as we had our first very small profit, but carried forward previous years losses to use against it. This year, ending 31st Oct, will be the first year we have a corporation tax liability.
Are we liable to pay preliminary tax this year? Or can we just pay the full Corporation tax liability when making annual returns next year?
My understanding is that we are not liable for preliminary tax this year as we did not have to pay any last year. Or does the fact that we used past years losses to negate our Corporation Tax liability last year effect the situation?
Are we liable to pay preliminary tax this year? Or can we just pay the full Corporation tax liability when making annual returns next year?
My understanding is that we are not liable for preliminary tax this year as we did not have to pay any last year. Or does the fact that we used past years losses to negate our Corporation Tax liability last year effect the situation?