At times you may struggle to pay your company or organisation's Corporation Tax. If you think you won't be able to pay your Corporation Tax on time, it's important that you contact HM Revenue & Customs (HMRC) right away.
This guide tells you what to do if you think you can't pay your Corporation Tax on time or at all.
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If your company or organisation has taxable profits of up to £1.5 million, you must pay your Corporation Tax by nine months and one day after the end of your Corporation Tax accounting period. For example, if your companies accounting period ends on 31 May, your Corporation Tax payment is due on or before 1 March the following year.
If your company or organisation has taxable profits of more than £1.5 million, you must pay your Corporation Tax earlier, normally in four instalments. The threshold can be less than this if, for example, there are any associated companies.
You need to plan ahead to manage your cash flow to make sure you meet these deadlines or you'll face paying interest if you pay late or not at all.
If this is the first time you've had a payment problem, and you've not approached HMRC already, please contact the Business Payment Support Service (follow the link below to find out more).
Getting in touch with the Business Payment Support Service is the most important action you should take. HMRC will consider your case on its own merits, taking your company or organisation's individual circumstances into account.
If HMRC has already contacted you about an overdue payment or if you have a payment arrangement in place and are experiencing further difficulties, it's important that you call the office that contacted you.
As well as contacting HMRC if you can't pay your Corporation Tax, you should also:
If you're waiting for a repayment of overpaid Corporation Tax and this is causing you cash flow problems you should contact your Corporation Tax Office to discuss this.
You'll find the telephone number on the correspondence sent to you or you can find your Corporation Tax Office by following the link below.
You must make all Corporation Tax and related payments electronically. Related payments include interest charged on overdue Corporation Tax and penalties for not filing your Company Tax Return on time.
You can pay electronically online using:
You can also pay electronically but not online using: