View our full Glossary of accounting & payroll terms Visit full glossary Glossary definition What is corporation tax? Corporation tax is the tax applied to business profits and capital gains made by a business. Subscribe to the Sage Advice enewsletter Get a roundup of our best business advice in your inbox every month. Subscribe See this term in action MTD for Income Tax: What Making Tax Digital means for sole traders 27 August, 2020 How to calculate my tax: 6 tax tips to help your business 5 August, 2020 How to specialise in VAT at your accountancy practice 5 August, 2020 Subscribe to the Sage Advice enewsletter Get a roundup of our best business advice in your inbox every month. Subscribe Related topics Tax Search for another term Search for: Learn more about this definition and others Featured reading Job Support Scheme: How it works and what it means for your payroll Government grants for small businesses: Grant and loan support to help your business How will Brexit affect businesses? 12 things you need to know Popular termsWhat is a creditor?What is opening balance?What are assets?What is a nominal ledger?