My son is doing financial analysis for a business module for his university maths degree.
Can anyone help with when corporate tax should be paid?
Obviously if you make a loss for the financial year, you don't pay corporation tax, right?
Is it paid yearly, or quarterly?
He is getting no help from his team, who appear to be coasting after finishing their own work, which he has helped with.
Cheers.
Annually although you make a provision throughout for it called a deferred tax liability. On losses it depends on the type of the loss but typically they attract a deferred tax asset which can be used to offset future taxes on profits
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It’s paid 9 months after the end of your financial year afaik. You have a set amount of time after the end of your financial year to submit the accounts but I can’t remember if that’s also 9 months, sorry.
My tax year ends on September 30th and I have to submit my accounts and pay my corporation tax 9 months after that at the latest.
A little light reading for you!
https://www.gov.uk/pay-corporation-tax
My year end is March 31st and it’s due December 31st.
It’s 9m and 1 day after the company year end to be accurate (for companies with over £1.5m profit, its different and usually in instalments)
Last edited by moynan66; 14th April 2018 at 22:08.
Thank you guys.
I haven’t a clue how it works, I pay mine as soon as my accountant tells me how much it is, if you pay early they then pay you interest on the amount.
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