Corporation Tax
Corporation tax rates and bands are as follows:| Financial Year to | 31 March 2011 | 31 March 2012 |
|---|---|---|
| Taxable profits | | | | |
| Small Profits Rate |
21% | 20% |
| Main rate of Corportion Tax |
28% | 26% |
| Tax credit on dividends | 10% | 10% |
| Fraction | 7/400 | 3/200 |
| Marginal Relief Lower Limit |
£300,000 |
£300,000 |
| Marginal Relief Upper Limit |
£1,500,000 |
£1,500,000 |
Standard Corporation Tax Payable
For small and medium sized companies
- Nine 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
- Nine months and one day after the end of the accounting period