All incorporated businesses are obliged to pay corporation tax on their profits. The rates of tax applicable to companies are as follows:
Financial Year to
|
31-Mar-10
|
31-Mar-09
|
31-Mar-08
|
| Taxable profits |
| First £300,000 |
21%
|
21%
|
20%
|
| Next £1,200,000 |
29.75%
|
29.75%
|
32.50%
|
| Over £1,500,000 |
28%
|
28%
|
30%
|
Companies must prepare their corporation tax computation and complete the return - CT600 and submit to HM Revenue and customs (HMRC office twelve months after the accounting year end.
The HMRC will send acknowledgement letter confirming your tax computation and liability. In some cases, the tax officer in charge of your company may request further information should they deem necessary before giving out their final assessment on your tax liability. You should seek professional accountants advice on your taxation matters for the best solutions.
Canterbury Accountancy - Information for companies
