Corporation tax

Corporation tax is payable by UK resident companies and unincorporated associations on the tax adjusted profits that they make for each accounting period. There are various rates depending on the level of the profits.

A company is required to complete a self assessment tax return form and submit this to HM Revenue & Customs one year after their accounting year end. They are also required to pay any corporation tax due 9 months and 1 day after the end of the accounting period. Large companies must make quarterly payments on account of their estimated corporation tax liability.

If a company has taxable profits of over £1.5 million it must pay its corporation tax quarterly under the self assessment rules for companies.