There are deadlines for your corporation tax bill payments which depend on your taxable profits. To see the various different ways of paying your tax, please click here: https://www.gov.uk/pay-corporation-tax.
For taxable profits of up to £1.5 million, you must pay your corporation tax 9 months and 1 day after the end of your accounting period. Your accounting period is usually your financial year, but you might have two accounting periods in the year you first set up the company.
For taxable profits of more than £1.5 million, you must pay your corporation tax in instalments. There are rules and deadlines for:
There are different ways to pay, however you must ensure you pay HMRC by the deadline. They might charge you interest if you do not pay on time, and they will pay you interest if you pay your tax early. You cannot pay your corporation tax by post.
Depending upon the way you choose to pay determines the time you need to allow. For example, you can pay the same or next day, 3 working days, or 5 working days. If the payment deadline falls on a weekend or bank holiday, you need to ensure your payment reaches HMRC on the last working day before it.
If you require any assistance or have questions regarding paying your self assessment tax bill in accordance with the Government information listed above, please contact our friendly team of experts today by clicking here.