Corporation tax
Corporation tax rates and bands are as follows:
Financial year to | 31 March 2022 | 31 March 2021 |
Taxable profits - main rate | 19% | 19% |
Corporation tax on outstanding loans to participators | 32.5% | 32.5% |
Diverted profits | 25% | 25% |
Corporation tax payable
For small and medium-sized companies
- 9 months and 1 day after the end of the accounting period
For large companies
- Instalments:
The 14th day of the 7th, 10th, 13th and 16th months after the commencement of a 12-month accounting period.
- Balance:
9 months and 1 day after the end of the accounting period.
A large company is one whose taxable profits are over £1.5m. The £1.5m threshold is divided by the number of companies in the group.
Different rules apply for very large companies with taxable profits of £20m or more. These companies are required to pay corporation tax in quarterly instalments in the third, sixth, ninth and twelfth months of their accounting period. The £20m threshold is divided by the number of companies in the group.
Resources
- Business
- Personal
- Tax
- Spring Budget 2021
- Tax rates and allowances
- Key dates and deadlines
- Income tax
- Corporation tax
- Inheritance tax
- Capital gains tax
- Value added tax
- National insurance contributions
- Residential property letting
- Main capital allowances
- Patent box
- Business deductions
- Penalties for late returns
- Trusts and settlements
- Non domiciled individuals
- Green travel allowances
- Mileage allowances
- Vehicle benefits
- Vehicle duties
- Pension premiums
- EIS SEIS and VCT
- ISAs
- Stamp and property taxes
- Air passenger duty rates
- Landfill tax
- Charitable giving
- Annual tax on enveloped dwellings
- Diverted profits tax
- Tax credits
- State pension
- VAT
- PAYE and NI
- IR35
- Tax and business calendar
- Budgets and Statements archive
- Calculators