Company First Year Trading

[JPWilliams007]

Good day,

I would like to find out if a company with a turnover less than a million needs to pay corporate tax in it first year trading?

Thanks,

[AmithS]

Yes tax has to be paid. From my understanding certain businesses can apply for small business tax which is a reduced rate. Not sure how this is determined thou.

I am sure and accountant on the forum will assist