Corporation Tax

Year to	31/03/2009	31/03/2008
Main rate	28%	30%
Profits above	£1.5m	£1.5m
Small companies rate	21%	20%
Profits between	£0-£300k	£0-£300k
Small/large marginal band	£300k-£1.5m	£300k-£1.5m
Fraction (effective rate)	29.75%	32.5%

The limits are reduced by the number of associated companies.
The limits are reduced for accounting periods of less than 12 months.

Date for payment of Corporation Tax

Companies with taxable profits below £1.5m (after allowing for associated companies and the length of the accounting period) pay the corporation tax 9 months and 1 day after the end of the accounting period. Companies with profits above this amount must make payment on account during the accounting period.

For further informtation please Click Here to visit the HM Revenue & Customs Website.