Chartered Management Accountants | Milton Keynes
Corporation tax rates and bands are as follows:
|Financial year to||31 March 2020||31 March 2019|
|Taxable profits – main rate||19%||19%|
|Corporation tax on outstanding loans to participators||32.5%||32.5%|
For small and medium-sized companies
For large companies
The 14th day of the 7th, 10th, 13th and 16th months after the commencement of a 12 month accounting period.
9 months and 1 day after the end of the accounting period.
From 1 April 2019 companies with taxable profits of £20 million or more are now required to pay corporation tax in quarterly instalments in the third, sixth, ninth and twelfth months of their accounting period. The £20 million threshold is divided by the number of companies in the group.
Beyond 31 March 2020
The rate of corporation tax reduces to 17% from 1 April 2020.
We will address some crucial points on this guide, such as the taxes that need to be paid by landlords and tax-effective property ownership.
We share with you the top tips and tricks to ensure that filing the annual self-assessment form becomes as stress-free for you as possible!