Corporation Tax Calculator
Calculate your company's tax liability accurately using this helpful tool. Input your annual profits, apply the relevant tax rates, and calculate your corporation tax obligations. Discover deductions, allowances, and reliefs that can reduce your tax liability.
| Tax Payable | ||||
|---|---|---|---|---|
| Period | Taxable Amount | Tax Rate (%) | Tax Due | Balance |
| Totals | ||||
| 2022 and 2023 comparison | ||||
| 2022 Tax Rate | ||||
| 2023 Tax Rate | ||||
This calculator uses the following rates:
| Financial Period | Details | Rate |
|---|---|---|
| 01/04/2022 to 31/03/2023 | Current Rate | 19 % |
| 01/04/2021 to 31/03/2022 | Main Rate | 19 % |
| 01/04/2020 to 31/03/2021 | Main Rate | 19 % |
| 01/04/2019 to 31/03/2020 | Main Rate | 19 % |
| 01/04/2018 to 31/03/2019 | Main Rate | 19 % |
| 01/04/2017 to 31/03/2018 | Main Rate | 19 % |
| 01/04/2016 to 31/03/2017 | Main Rate | 20 % |
| 01/04/2015 to 31/03/2016 | Main Rate | 20 % |
| 01/04/2014 to 31/03/2015 | Small Profits Rate (£300,000 or lower) | 20 % |
| Main Rate (over £300,000) | 21 % | |
| 01/04/2013 to 31/03/2014 | Small Profits Rate (£300,000 or lower) | 20 % |
| Main Rate (over £300,000) | 23 % | |
| 01/04/2012 to 31/03/2013 | Small Profits Rate (£300,000 or lower) | 20 % |
| Main Rate (over £300,000) | 24 % |
What is Corporation Tax Calculator
The Corporation Tax Calculator is a tool used to estimate the amount of corporation tax that a company or corporation may owe based on their profits or taxable income. It helps businesses calculate their tax liability and plan their finances accordingly.
To use the calculator, you typically need to provide the following information:
- Profits: The taxable profits of the company for the accounting period.
- Tax Rates: The applicable corporation tax rate, which can vary depending on the profit level and the jurisdiction in which the company operates.
Based on this information, the calculator will estimate the corporation tax payable by the company. It takes into account the current tax rates and rules set by the relevant tax authority, such as HM Revenue and Customs (HMRC) in the UK or the Internal Revenue Service (IRS) in the US.
Please note that tax laws and rates can vary between countries and jurisdictions, so it's important to use a calculator specific to your location or consult with a tax professional for accurate and up-to-date information regarding your specific tax obligations.
How does Corporation Tax Calculator work?
If you are a limited company or an unincorporated association, such as a club or co-operative, then your taxable profits are subject to corporation tax. If a foreign company has an office or department in the United Kingdom then they are subject to Corporation Tax on all of the profits they make from their activities in the United Kingdom.
As of the 1st of April in 2015, Corporation Tax has risen to 20%, although in July of 2015 the Chancellor announced that based on budgets, the rate of Corporation Tax will drop to 19% in 2017 and 18% in 2020.
The previous years also had different tax bands which are based of how big of a profit was made, which will be taken into consideration with the calculation. The earliest possible date that the calculator can date back to is the 1st of April of 2012.
Tax Year: a regular government tax year starts on April the 1st and ends on the 31st of March of the next year. If it so happens that your companies financial year differs from the government's financial year then the necessary tax will be calculated proportionally against the government's tax year period.
