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Companies pay corporation tax on their income and gains. View the current rates and estimate the tax due.
Corporation tax rates are set for each Financial Year. A Financial Year runs from 1 April to the following 31 March.
If the accounting period of a company straddles the 31 March, the profits are apportioned on a time basis to each Financial Year.
The Northern Ireland Executive has committed to setting the rate of corporation tax at 12.5% when the Northern Ireland Executive demonstrates its finances are on a sustainable footing.
Year to 31.3.24:
Year to 31.3.23: All profits taxed at 19%
For the year to 31.3.23 the main rate of corporation tax was 19%. Special rules apply to accounting periods straddling 1 April 2023. For the year to 31.3.24 the profits limits are reduced for a company with associated companies. Different rates apply for ring-fenced (broadly oil industry) profit.
Plant and machinery allowances and the allowances available for other assets.
Standard and higher rates of capital gains tax (CGT) together with the annual exemption. The special rate of CGT and the limit applying for entrepreneurs’ relief purposes.
Weekly amounts of child / working tax credits and child benefit.
Estimate your personal income tax liability using the current rates. View the current rates here.
The annual ISA investment limits.
Inheritance tax rates and allowances.
Statutory minimum wage levels.
Earnings thresholds and contribution percentages for Class 1 (employed), Class 2 and 4 (self-employed) and Class 3 (voluntary) national insurance contributions.
Details of the amounts of tax relievable pension contributions for individuals and employers.
The current percentages of stamp duty and the various UK property/land transaction taxes.
Current weekly amounts.
EIS, SEIS, VCTs and SIR.
The current VAT percentages and the annual registration and deregistration thresholds.
Calculate the taxable benefit using the relevant tables for employer provided cars, vans and related fuel.
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