Corporation tax rates and bands are as follows:
|Financial year to||31 March 2022||31 March 2021|
|Taxable profits - main rate||19%||19%|
|Corporation tax on outstanding loans to participators||32.5%||32.5%|
Corporation tax payable
For small and medium-sized companies
- 9 months and 1 day after the end of the accounting period
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.
A large company is one whose taxable profits are over £1.5m. The £1.5m threshold is divided by the number of companies in the group.
Different rules apply for very large companies with taxable profits of £20m or more. These companies are required to pay corporation tax in quarterly instalments in the third, sixth, ninth and twelfth months of their accounting period. The £20m threshold is divided by the number of companies in the group.