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Corporation tax, also known as company tax, is a tax paid by businesses based on their annual profits.
If you run a limited company, the rate of corporation tax that you pay is 19% – and unlike for sole traders, you don’t get a tax-free Personal Allowance to reduce corporation tax.
It’s not only limited companies who pay corporation tax. Actually, you have to pay if you’re any of the following organisations and you make profit:
Before you pay company tax, you need to register your company via Companies House and register to pay with HMRC. This is a single process unless you registered your company by post, with third-party software or using an agent. If you did any of these three things, you should register to pay corporation tax separately from when you register with Companies House.
To register to pay with HMRC, make sure you have these three things to hand: