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Corporation tax

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% 
Diverted profits 25%  25% 

Corporation tax payable

For small and medium-sized companies

  • 9 months and 1 day after the end of the accounting period

For large companies

  • Instalments:

The 14th day of the 7th, 10th, 13th and 16th months after the commencement of a 12 month accounting period.

  • Balance:

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.

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Knowles Warwick Financial Services Limited is authorised and regulated by the Financial Conduct Authority (in respect of regulated investment, insurance and mortgage business). For regulated financial services, the Financial Ombudsman Service is the alternative dispute resolution provider.