So, in practice, it makes sense to complete your company tax return early to find out how much corporation tax you owe. However, you'll need to pay your corporation tax bill nine months and one day after the end of your company's accounting date. This is due 12 months from the end of your company's accounting date. How to payĪs each business's accounting year is different, filing and paying corporation tax can be tricky.Įach year, you'll need to submit a CT600 form to HMRC - also known as a company tax return - providing details of the company's income, as well as deductions for tax allowances and expenses. Unlike income tax, companies don't benefit from any kind of personal allowance, so tax must be paid on all profits.Ĭorporation tax has a flat 19% charge, regardless of how much profit the company makes.
It's calculated after salaries and other business expenses have been paid, but before dividends are withdrawn. Corporation tax is applied to the profits earned by limited companies - not sole traders or partners.
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