Corporation tax is a key consideration for all UK limited companies. In this comprehensive guide, we'll cover everything you need to know about corporation tax for 2024.
Corporation Tax Rates for 2024
The main rate of corporation tax for 2024 is 25% for companies with profits over £250,000. However, small companies with profits of £50,000 or less continue to pay 19%.
Small Profits Rate
Companies with profits between £50,000 and £250,000 benefit from marginal relief, which provides a gradual increase in the effective tax rate.
Key Allowances and Reliefs
- Annual Investment Allowance (AIA): £1,000,000 - Research and Development (R&D) tax credits - Patent Box regime for qualifying intellectual property
Filing Requirements
Corporation tax returns must be filed within 12 months of the end of the accounting period, with tax payments due 9 months and 1 day after the period end.
Contact Ayyubi Accountants for expert advice on corporation tax planning and compliance.
