The initial step in establishing your business is registering it with HM Revenue and Customs (HMRC) using the official forms, signalling your corporation tax liability.
Once liable for corporation tax, it's essential to determine your company's profits for each accounting period and the corresponding corporation tax owed.
Submitting this data to HMRC requires completing a corporation tax return form supported by accounts and tax computations.
Adhering to deadlines dictated by your company's annual accounting date is paramount to avoid strict penalties for late filings and interest charges on overdue tax payments.
Our experienced accountants specialise in preparing company accounts, tax returns, and computations, ensuring compliance while providing tailored advice on tax planning opportunities beneficial to you and your company.
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Corporation Tax Rates
Corporation tax rates are established for each Financial Year, from April 1st to March 31st.
When a company's accounting period crosses March 31st, profits are distributed based on a time ratio for each Financial Year.
The Northern Ireland Executive has pledged to fix the corporation tax rate at 12.5% once it proves its financial stability.
Rate | Profits band (£) | Rate (%) |
Small profits rate | 0 - 50,000 | 19 |
Marginal rate | 50,001 - 250,000 | 26.5 |
Main rate | Over 250,000 | 25 |
Marginal relief fraction | 3/200 |