I am self-employed, I have a limited company, there is only myself in the company.
Last year I only earned just over £5,000, I have just received the final accounts from my accountant saying I need to pay almost £450 in corporation tax liability.
Is this right? I know there is a value of £10,600 you can earn before you need to pay tax on a personal income. Is there no equivalent for corporation tax? I don't understand the accounts he has sent me (this is why I employ an accountant). Is there possibly a way this could be avoided, or is this reasonable?
I'm just a little peeved, I'm also being charged £600 by my accountant, so in total I've lost 20% from an already low income.