Which of the following statements is correct?

Question

Quizplus · Accepted Answer

Capital gains tax applies to both individuals and companies, whereas the other statements are incorrect. Companies in the UK are required to register for VAT if their annual taxable turnover exceeds a certain threshold, and their supplies of goods and services are normally subject to VAT. Company directors do not pay corporation tax on their salaries, but the company is responsible for deducting and paying PAYE (pay as you earn) tax and National Insurance contributions on their behalf. Partnerships are not taxed under a separate Partnership Taxes Act, but are instead subject to the provisions of the Income Tax Act or Corporation Tax Act, depending on their legal structure.

Which of the Following Statements Is Correct