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Corporation tax is charged on the profits of companies and unincorporated bodies that are not partnerships, for example members' clubs. The term profits includes all sources of income and capital gains.
A company pays Corporation Tax on the profits it makes from doing business (‘trading profits’), its investments, and selling assets for more than they cost (‘chargeable gains’ – company assets include land and property, equipment and machinery, and company shares).
The rate of corporation tax is fixed by reference to financial years. The financial year commences on 1 April and thus the financial year 2020 is the year commencing on 1 April 2020 etc.
The Corporation Tax rate for company profits is 19 per cent. This is now the standardised rate for all businesses. In 2016-17, the Corporation Tax rate was 20 per cent. Prior to April 2016, the rate depended on how much profit your company made.
|Year||Financial Year Commencing 1 April 2017||Financial Year Commencing 1 April 2018||Financial Year Commencing 1 April 2020|
The deadline to pay your Corporation Tax bill is nine months and one day after the end of your accounting period for your previous financial year, so if your accounting period ends on 31 March, your Corporation Tax deadline is 1 January.
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Registered office: 61 Friar Gate, Derby, Derbyshire, DE1 1DJ T: 01332 202660
Adrian Mooy & Co is the trading name of Adrian Mooy & Co Ltd. Registered in England No. 05770414
Registered as auditors in the United Kingdom by the Association of Chartered Certified Accountants
61 Friar Gate Derby DE1 1DJ