Quote:
Originally Posted by Red_Jackoisback
Everyone also forgets that there was 20% CGT to pay too so £1.8m becomes £1.4 very quickly - if it was £1.8 that is. Not defending anything just stating facts
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Incorrect. You pay tax on profits not on revenue so we were only taxed on what was left at the year end which given we wasted it so quickly was probably not a huge amount. In addition we had taxable losses to bring forward and offset against that years profits.
Oh, and finally, corporation tax is 19% not 20%