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At Finnies we can advise on all aspects of corporation tax and corporation tax planning. Here is an introduction, but contact us for more advice.
The main rate of corporation tax is currently 19% and it will remain at that rate until 1 April 2023 when the rate will increase to 25% for companies with profits over £250,000. The 19% rate will become a small profits rate payable by companies with profits of £50,000 or less. Companies with profits between £50,000 and £250,000 will pay tax at the main rate reduced by a marginal relief, providing a gradual increase in the effective corporation tax rate. The corporation tax rate is currently 19%.
A company has to compute its own corporation tax liability and pay this by the due date, which is usually nine months and one day after the end of its accounting period.
A company tax return has to be filed with HMRC within twelve months of the company’s year end.
Interest is charged on late payment of corporation tax, and there are also penalties for late filing of a company tax return.
Capital gains are taxed at the rate of corporation tax (19%). Gains are calculated after deducting from the sale proceeds the market value at March 1982 (or cost of acquisition, if later), costs incurred in improving the asset, an indexation allowance (to account for inflation up to December 2017), and certain disposal costs.
If you are concerned about your corporation tax liabilities or would like to discuss corporation tax planning, contact Finnies today.
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