Your accounting period for Corporation Tax is the time covered by Company Tax Return. The period is limited to 12 months and is normally the same as the financial year covered by your company or associations annual accounts.
Your first accounting period
After you have registered your company for corporation tax, you will receive a letter from the HMRC stating your accounting period.
When to pay your corporation tax?
The deadlines to pay your corporation tax can depend on your taxable profits
For companies with taxable profits up to £1.5 million, you must pay your Corporation Tax 9 months and a day after the end of your accounting period.
For companies with taxable profit exceeding £1.5 million, you must pay your Corporation Tax in set instalments.
If you miss your corporation tax payment deadline the HMRC may charge you interest. The HMRC will pay you interest if you pay early.
How to pay your corporation tax
Same day or next day:
- Online or telephone banking
3 Working Days:
- Direct debit (If already set up)
- Online by debit or corporate credit card
- At your bank or building society
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As a business owner, you are responsible for ensuring your business is compliant and reaches relevant accounting deadlines. Your business accounting period for Corporation tax is covered by your Company Tax Return.
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