Pay and File for Corporation Tax

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Presentation transcript:

Pay and File for Corporation Tax Pay and file system Self assessment Calculate and pay preliminary tax File a return Pay any balance of tax by return filing date

Pay and File for Corporation Tax Preliminary tax Different rules apply to small and large companies A small company is a company where the tax liability for the preceding accounting period did not exceed €200,000 A large company is a company where the tax liability for the preceding accounting period did exceed €200,000

Pay and File for Corporation Tax Preliminary tax for a small company Due on the 23rd day of the month prior to the final month of the accounting period (11th month of accounting period). Minimum payment due is the lower of: 90% of the current accounting period liability, or 100% of the previous accounting period’s liability.

Pay and File for Corporation Tax Preliminary tax for a large company Two instalments First instalment due on the 23rd day of the 6th month of the accounting period Minimum payment due is the lower of: 45% of the current accounting period liability, or 50% of the previous accounting period liability.

Pay and File for Corporation Tax Preliminary tax for a large company Second instalment on the 23rd day of the month prior to the final month of the accounting period (11th month of accounting period). The payment due must bring total preliminary tax to at least 90% of the total estimated CT liability for the accounting period.

Pay and File for Corporation Tax Corporation Tax Return Must be filed by 23rd day of the ninth month after the accounting period end date. Balancing payment due along with tax return Late filing surcharge 5% of CT liability (to maximum of €12,695) when filed within two months of filing date 10% of CT liability (to maximum of €63,485) when filed after two months of filing date

Pay and File for Corporation Tax Corporation Tax Return Remember: Late filing also results in a restriction of loss relief: Where the return is filed less than two months after the filing date, a 25% restriction applies to loss reliefs subject to a maximum restriction of €31,740 Where the return is filed more than two months after the filing date, a 50% restriction applies to loss reliefs subject to a maximum restriction of €158,720