[ˌkɔːpəˈreɪʃᵊn tæks]
Corporation Tax is the tax on business profits in the UK. It is 25% for larger companies and 19% for smaller ones for the 2023/24 tax year.
Corporation Tax is a tax on profits made by Limited Companies and other corporate entities. For the 2023/24 Tax Year, smaller entities (companies who make less than £50,000 a year profit) pay a rate of 19% while larger companies (companies who make more than £50,000 a year profit) pay a 25% rate.
Corporation Tax generates a large amount of revenue for the government and the money is used to fund public services.
Companies need to register to pay with HMRC in order to pay Corporation Tax. It is important that tax returns and payments are submitted accurately and on time as HMRC have strong powers to collect any money owed and fine you more.
January 31st is the deadline for submitting 2022/23 tax returns. It's a good idea to complete your tax return ahead of this deadline to avoid mistakes and potential penalties. This article shows why its a good idea to submit your tax return early and how Earnr can help you if you are stuck.
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We recently introduced our newest addition to the Earnr team; our AI chat bot, Earnr AI. In this article we put Earnr AI to the test and asked it why you should use Earnr as your tax companion, bookkeeping tool and tax return assistant. Read it's excellent response!
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The festive period is often thought of as the busiest time of the year with the run up to Christmas and New Year. Whilst this period can feel hectic at times, it can also be seen as the perfect time to complete your tax return. In this article we explain why this Christmas time is the best time to submit your 22/23 tax return.
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