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Corporation Tax is payable by companies and permanent establishments on their profits and chargeable gains that arise during the year.
Corporation Tax is currently payable at a rate of 19% and is declared to HM Revenue & Customs on a self-assessment basis. The Corporation Tax return is usually submitted along with a copy of the financial statements in iXBRL format and the corporation tax computation.
Typically, Corporation Tax is payable nine months and one day after the end of the financial year. With this in mind the entity’s Corporation Tax return is usually completed alongside the entity’s financial statements which again are usually due for filing with Companies House nine months after the end of the accounting period.
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