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Corporation tax rate falls to 19%

The tax rate for corporation tax rate is now 19%.

The tax rate is payable on profits made before 1 April which must be filed through a company tax return.

 

Financial year to 31 March 2018 31 March 2017
Taxable profits 19% 20%

 

The accounting period is the time covered by your company tax return during the financial year. All tax and annual accounts must be paid and filed with Companies House.

The following deadlines apply to most companies:

  • filing annual accounts - 9 months after the accounting period for filing annual accounts
  • filing company tax return - 12 months after your accounting period for corporation tax ends.

The rate of corporation tax will reduce by a further 2 percentage points to 17% from April 2020.

Contact us to discuss your tax obligations.