Corporation Tax is a type of tax that businesses must pay in the UK.
HMRC Corporation Tax Other Contact Numbers
|Customer Services||0844 248 2558|
|Head Office||0844 248 2558|
|Payments||0844 248 2558|
Corporation Tax Opening Hours
Corporation Tax Head Office Address
|Head Office||Corporation Tax Services
HM Revenue and Customs
Why would I need to call HMRC Corporation Tax Contact?
- To pay outstanding Corporation Tax.
- To find out more information about the different Corporation Tax rates.
- To get help finding an accredited accountant.
- To get assistance filing your Company Tax return.
- To make a complaint about Corporation Tax.
HMRC Corporation Tax
If you are a limited company, a company from overseas with a UK office or an unincorporated association such as a sports club or community organisation, you must pay corporation tax. You pay corporation tax on three types of profits: trading profits, investments and selling any assets for more than they cost you which is known as chargeable gains. If your company is based in the UK, you will pay corporation tax on both UK and overseas profits. If your company is based overseas and only has an office in the UK, you pay corporation tax on any UK profits.
Unlike other forms of tax, you won’t receive a bill for corporation tax. Instead, you have to keep a record to work out and pay your tax. When you begin doing business, you must register for corporation tax- if you are an unincorporated association such as a sports club, write to HMRC instead using the address in the table at the top of the page. Throughout the tax year, you should keep financial records before preparing a company tax return. You must then either pay your tax or report that you have nothing to pay. If you need assistance with your corporation tax, you can hire an accountant or a tax advisor who can help you.
Company Tax Return
Even if you make a loss or don’t have any corporation tax to pay, you must send your company tax return to HMRC. The deadline for your company tax return is 12 months after the accounting period that it is about- if you miss the deadline, you might need to pay a penalty. The deadline for your bill is usually nine months after the end of the accounting period.
How to pay corporation tax
There are many different methods of paying Corporation Tax. They include:
- Online/telephone banking
- Online by debit/credit card
- At your bank/building society
- At the Post Office
- By Direct Debit
Payments made by the likes of online/telephone banking will reach HMRC the same day, whereas payments made by BACS take around three working days.
HMRC’s banking address is:
Barclays Bank PLC
1 Churchill Place
If no payment is due you can inform HMRC by filling in the ‘nil to pay’ form, but you still must file your tax return.
To see if your payment has been received, check your corporation tax account.
Corporation Tax Rates
The rate of corporation tax that you pay depends on how much profit you make. Companies with profits under £300,000 usually pay 20% and companies with profits over £300,000 pay 21%. There are different rates for open-ended investment companies and other types of business so if you are unsure, call HMRC corporation tax contact for assistance.
Corporation Tax Calculator
Whilst there is not an official corporation tax calculator on the HMRC website, there are several online calculators available. If your companies profits are between £300,000 to £1.5 million, you might be able to claim Marginal Relief, and there is a calculator available on the HMRC website for calculating this.
Corporation Tax Payment Dates
Unlike filing a self-assessment tax return, there are no specific payment dates for corporation tax. Instead, you pay your corporation tax bill nine months and one day after your accounting period has ended.
Popular questions about Corporation Tax
Where to get Corporation Tax reference number?
Your Unique Taxpayer reference will be posted to your company address when you register with Companies House. Once you have it, you can register your company to pay Corporation Tax.
Which HMRC account for corporation tax?
The back of the payslip which has been sent by HMRC will tell you which account to pay, if you decide to pay using online/telephone banking, BACs or CHAPS.
Where to post Corporation Tax?
Unfortunately, you cannot pay Corporation Tax via post. You can see the full list of payment methods such as Direct Debit or online banking above.
Why does Corporation Tax decrease?
Corporation Tax can decrease if it is cut by the Government. Occasionally, the Government may do this to help boost the economy. For example, in the wake of 2016’s Brexit, George Osborne pledged to cut corporation tax for UK businesses to help the economy as the Pound goes through a volatile time against other currencies.
About Corporation Tax
Corporation Tax was first introduced in 1965. Before this, both companies and individual people paid the same income tax, with a profit tax placed on companies. The Finance Act of 1965 created a new structure where companies had to pay a single tax. Corporation Tax hasn’t been without problems since it was implicated, with one particular issue being tax avoidance schemes put in place by major companies. From 2008-10, the main rate of corporation tax was 28%. The Government decided to gradually reduce it further until it reached a flat rate of 20% in April 2015, where it still remains in 2016.
In the financial year 2014-15, the total receipt of Corporation Tax was £43 billion, an increase from just over £40 billion the year before.
The news is regularly filled with information of companies who legally avoid paying tax and whether or not it is moral. For example, HMRC is currently investigating over 100 BBC presenters who are suspected to have avoiding paying tax through setting up their own companies.
For more information about Corporation Tax, call the HMRC corporation tax contact number on this page.