...corporation tax...

Taxation levied on a companies profits is known as corporation tax. Corporation Tax is normally payable 9 months after the company's accounting year end. A Corporation Tax return should be filed 12 months after accounting period end. For small companies, accounts must be filed within 10 months of the accounting period end.

Year End Corporation tax due Corporation return due Company accounts due
31-Jan-07 01-Nov-07 31-Jan-08 30-Nov-07
28-Feb-07 01-Dec-07 28-Feb-08 28-Dec-07
31-Mar-07 01-Jan-08 31-Mar-08 31-Jan-08
30-Apr-07 01-Feb-08 30-Apr-08 28-Feb-08
31-May-07 01-Mar-08 31-May-08 31-Mar-08
30-Jun-07 01-Apr-08 30-Jun-08 30-Apr-08
31-Jul-07 01-May-08 31-Jul-08 31-May-08
31-Aug-07 01-Jun-08 31-Aug-08 30-Jun-08
30-Sep-07 01-Jul-08 30-Sep-08 30-Jul-08
31-Oct-07 01-Aug-08 31-Oct-08 31-Aug-08
30-Nov-07 01-Sep-08 30-Nov-08 30-Sept-08
31-Dec-07 01-Oct-08 31-Dec-08 31-Oct-08

Corporation Tax is calculated for 2007/2008 as follows :-

Profits up to £300,000 All taxed at 20%
Profits over £300,000 Taxed at
marginal rate		 32.50%
Profits over £1,500,000 All taxed at 30%

The rules regarding profits below £50,000 and the distribution rate were abolished with effect from 1st April 2006.

Companies House

Companies House is the Government department that records details of all companies registered in the UK.

Penalties

The penalty for late filing of accounts to Companies House is £100. If accounts are not filed after a further 3 months there is a penalty of £250. If the accounts are not filed for an additional 3 months (ie 6 months late) there is a penalty of £500.