Corporation Tax - Payment and Administration

Question 1

What is the augmented profits limit for FY23?

Answer 1

£1,500,000 for a 12 month accounting period

Question 2

What are the implications of a large company?

Answer 2

If augmented profits exceed the limit, the company is classed as ‘large’ and can pay corporation tax in instalments

Question 3

When is corporation tax due for ‘non large’ companies?

Answer 3

Nine months and one day after the end of the accounting period

Question 4

When do large companies not pay their corporate tax in instalments?

Answer 4

1.Tax due is less than £10,000
2. It was not large in the last period, and its aug profits are less than £10m this year
3. The £10m limit is apportioned for both short accounting periods and associated companies

Question 5

When are instalments due for large companies?

Answer 5

14th day of month 7, 10, 13 and 16 from the start of the accounting period

Question 6

What is classed as a ‘very large’ company?

Answer 6

Augmented profits exceeding £20,000,000

Question 7

When are instalments due for very large companies?

Answer 7

14th day of month 3, 6, 9 and 12 from the start of the accounting period

Question 8

When must a company register for corporation tax?

Answer 8

To HMRC, within 3 months of the start of its first accounting period

Question 9

What is the corporation tax return known as?

Answer 9

CT600

Question 10

How must a corporation tax return be submitted to HMRC?

Answer 10

iXBRL - HMRCs portal ‘inline eXtensible Business Reporting Language’