Corporation tax is due electronically on the day following nine months after the end of the accounting period to which it relates.

Example

A company prepares accounts to 30 September each year. In respect of its accounting period ending 30 September 2021, tax is payable by 1 July 2022.

If the ‘tax payable’ is then exceeded by the total of any ‘relevant amounts previously paid’ (as stated in the relevant company tax return), the tax will be repaid.

The ‘tax payable’ is the amount computed in accordance with the first to fourth steps in FA 1998, Sch. 18, para. 8

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