What is Corporation Tax?

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What is Corporation Tax?

Corporation Tax is a tax that companies and some other organisations pay on their profits. It’s charged on the money a business makes from its regular trading activities, investments, and any profits from selling assets like property, shares, or equipment.

Most UK limited companies need to pay Corporation Tax, along with some other types of organisations, like housing associations, clubs, and co-operatives. Even overseas companies that offices or branches within the UK may need to pay Corporation Tax on their UK profits.

Unlike personal tax, companies don’t get a bill for Corporation Tax – they have to work it out themselves, pay it, and report it to HM Revenue and Customs (HMRC) within the set deadlines. There are also various reliefs and allowances available, which can help reduce the overall amount owed.

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