Corporation Tax is a tax on the taxable profits of limited companies and other organisations including clubs, societies, associations and other unincorporated bodies.
- If your company or organisation’s taxable profits are £1.5 million or less
You must pay your Corporation Tax by the normal due date, which is nine months after the end of your Corporation Tax accounting period.
- If your company or organisation’s taxable profits are more than £1.5 million
You must normally pay your Corporation Tax for that period in instalments.
Corporation Tax Rates
|Small Profits Rate*||20%||20%||20%|
|Small Profits Rate can be claimed by qualifying companies with profits at a rate not exceeding||£300,000||£300,000||£300,000|
|Marginal Relief Lower Limit||£300,000||300,000||£300,000|
|Marginal Relief Upper Limit||1,500,000||1,500,000||1,500,000|
|Main rate of Corporation Tax*||26%||24%||23%||21%|
|Special rate for unit trusts and open-ended investment companies||20%||20%||20%|