Noteworthy deadlines for corporation tax
- Neena Dhesi
- Apr 1, 2023
- 2 min read
Updated: Jul 15, 2023
Corporation tax is a tax that companies pay on their profits and is paid by all UK limited companies.
The deadline for Corporation Tax payments are scheduled for 9 months and 1 day after year end. This means that the deadline can change and is dependant on your year end. Companies with a year end of 31 December, for example, would pay their Corporation Tax by 1 October.
Here are the major Corporation Tax dates for limited companies to follow 2022-23 tax year:
1st October 2022
Due date for payment of Corporation Tax for period ended 31 December 2021
14th October 2022
Income tax due date for CT61 period to 30 September 2021
31st December 2022
Due date to file Corporation Tax for companies with 31 December 2021 year end
1st January 2023
Due date for payment of Corporation Tax for period ended 31 March 2022
14th January 2023
Income tax due date for CT61 period to 31 December 2022
31st March 2023
Corporation tax returns filed by companies with 31 March 2022 year end
Corporation tax tips
Keep good records
To ensure that your corporation tax return is accurate and filed on time, it's crucial to maintain comprehensive and accurate records of your company's financial transactions throughout the year.
Understand the deadlines
Familiarise yourself with the deadline for filing your corporation tax return and paying any tax due. This will help you avoid penalties and interest charges, so it's worth staying on top of them.
Take advantage of deductions and allowances
To minimise your corporation tax bill, make sure you claim all the deductions and allowances you're entitled to. This includes expenses related to running your business, such as staff salaries, rent, and equipment costs.
Seek professional advice
If you're unsure about how to calculate your corporation tax liability, or if you need help with your tax return, it's wise to seek professional advice from a qualified accountant or tax advisor.
Plan ahead
To manage your corporation tax bill effectively, it's essential to plan ahead and budget for your tax liability. This can help you avoid cash flow problems and ensure that you have sufficient funds to pay your tax bill when it's due.
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