Corporation Tax

Corporation tax is payable by companies on its taxable profits. Taxable profits are generally defined as trading profits (i.e. selling goods for more than they cost to produce, including services), investments made by the company and selling assets for more than they cost to buy.

The main rate of corporation tax from 1st April 2023 is 25%.

Companies with profits under £50,000 (small profits rate) the rate is 19%.

Between 2017/18 2022/23 there was a single rate of 19%. In the years prior to 2016/17 there were reliefs for small companies and also higher levels to pay for companies making in excess of £300,000.

Whilst this seems relatively straight-forward there are many allowances and reliefs available which make the subject of how much corporation tax you will pay often an extremely complex calculation. We can help guide you with some tax planning advice but corporation tax is where your company accountants earn their money.

If you are looking for advice on corporation tax please speak to us as we know many local accountancy firms who specialise in different sectors who will almost certainly be able to help you.

Also see

Benefits in Kind Personal Allowance State Retirement Date

tFinancial Advice... pure and simple

CMIS provides financial advice and planning, in plain English, to people who want to ensure they make the right financial decisions at the right times and at the right cost. It's simple!

Find Out More