Whether you need help with growing your business or advice on optimising your personal or family finances, we are here to help you get the best results.
Corporation tax
Corporation tax rates and bands are as follows:
Financial year to | 31 March 2021 | 31 March 2020 |
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 fourteenth day of the seventh, tenth, thirteenth and sixteenth 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.