What is Corporation Tax in the UK in 2023?

Corporation tax is a tax paid by UK companies on their profits. The current corporation tax rate in the UK is 19%. However, starting in 2023, the corporation tax for companies having £50,000+ profit will undergo a 25% tax payment. The increase is intended to help pay for the government’s response to the COVID-19 pandemic and support public services. Though you can make installments to pay your corporation tax with the help of a good accountancy firm in England.

Corporate Tax Planning

Corporate tax planning is an essential process for every business. It involves ensuring that your company pays the right amount of tax at the right time. It also involves making sure that your business structure is tax-efficient, and that you are taking advantage of all tax reliefs and allowances available to you. Corporate tax planning can be a complex process, and it is essential to work with an experienced accountant or tax advisor to ensure that your business complies with all tax laws and regulations. If your company is based in Ilford, you need to find a reliable tax accountant in Ilford to make sure your accounts are all streamlined.

How to Prepare Corporation Tax in 2023?

Preparing corporation tax can be a time-consuming process, but it is essential to ensure that your company complies with all tax laws and regulations. Here are some steps to follow when preparing it:

  • Calculate your company’s taxable profit: This is the profit your company has made during the accounting period.
  • Identify any allowable deductions: Deductions include expenses incurred to earn profits, such as rent, wages, and raw materials.
  • Calculate your company’s tax liability: This is the amount of corporation tax your company needs to pay based on its taxable profit.
  • Submit your company’s corporation tax return: Your company must file a return with HM Revenue & Customs (HMRC) by the filing deadline.

Pay Corporation with Expert Accountant in England

Paying corporation tax can be a complex and time-consuming process. It is essential to work with an experienced accountant or tax advisor who can help you manage your tax. SMY Associates is a leading accountancy firm in England with a wide range of tax accountants in Ilford. Offering a range of tax and accounting services for businesses of all sizes. Our team of tax experts can help you prepare and submit your corporation tax returns, ensure that you comply with all tax laws and regulations, and provide advice on tax planning and structuring.

SMY Associates: The Best Tax Consultancy Firm in England

SMY Associates is one of the leading accountancy firms in England, with an office in Ilford, East London. Our team of experienced accountants and tax experts provides a range of accounting and tax services to businesses of all sizes, from startups to established companies. We are specialist tax accountants in Ilford who are specialized in providing tax planning and advisory services, ensuring that our clients comply with all tax laws and regulations, and optimizing their tax positions.

How much tax is payable?

if your profit is above 50K GBP you can make installments

Is the corporation tax increase in 2023?

yes increased from 19% to 25%.

Do you need to pay tax on all profits?

yes need to pay on all profits by a company gained           


In conclusion, corporation tax is a compulsory tax that UK companies must pay on their profits. It is a complex and time-consuming process that requires businesses to comply with all tax laws and regulations. The upcoming increase in corporation tax from 19% to 25% starting in 2023 is a significant change that businesses need. To be aware of, and they should prepare accordingly. Working with an experienced tax accountant, such as SMY Associates, can help businesses to manage their corporation tax obligations efficiently. With their expertise and experience, they can provide valuable tax planning and advisory services. Moreover ensuring that companies comply with all tax laws and regulations while minimizing their tax liabilities.

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