UK Corporation Tax & Corporation Tax Advice

UK Corporation tax is the tax payable on a company's income or profits.

It is the company's responsibility to work out what tax they owe and to ensure they file a tax return or self-assessment form by the required date. They can be accountable for penalties if they do not do this and the overdue amount will also gain interest which the company will be liable for also.

An accounting period is normally twelve months long with a tax return being required for each accounting period. A company's tax must be paid to the Inland Revenue within nine months of the end of its accounting period.

Generally if the company is not a limited company, it is not required to pay corporation tax. However the company should consult the Inland Revenue about this as there are some circumstances when such a company may have to pay this tax.

It is important that you keep any records used to calculate your corporation tax, for at least five years after you have filed your tax return. These documents would be anything related to your income and outgoings, such as invoices and receipts. This is essential in the event that there would be any discrepancy with the figures you have submitted.

It is possible to file your corporation tax return online now via the Inland Revenue's website.

For further details about UK corporation tax, current corporation tax rates and corporation tax advice please feel free to visit the Inland Revenue (now called HM Revenue and Customs) website.

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