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LONDON & BEACONSFIELD
020 34273382 firstname.lastname@example.org
Companies pay corporation tax on their income and gains. View the current rates and estimate the tax due.
Corporation tax rates are set for each Financial Year. A Financial Year runs from 1 April to the following 31 March.
If the accounting period of a company straddles the 31 March, the profits are apportioned on a time basis to each Financial Year.
The Northern Ireland Executive has committed to setting the rate of corporation tax at 12.5% when the Northern Ireland Executive demonstrates its finances are on a sustainable footing.
Year to 31.3.24:
Year to 31.3.23: All profits taxed at 19%
For the year to 31.3.23 the main rate of corporation tax was 19%. Special rules apply to accounting periods straddling 1 April 2023. For the year to 31.3.24 the profits limits are reduced for a company with associated companies. Different rates apply for ring-fenced (broadly oil industry) profit.
08 May 2023
HMRC has reminded businesses that file VAT returns annually that the online VAT filing portal will close from 15 May 2023.
UK inflation has dropped, but remains in double-digit levels, as the cost-of-living crisis eased slightly in March.