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From April 2019, new rules will apply to companies with annual taxable profits in excess of £20 million. These companies will be categorised as ‘very large’ and will be required to make QIPs four months earlier than smaller companies. However, a company will not qualify as ‘very large’ if the liability for the accounting period is £10,000 or under. For accounting periods of less than a year, this sum will be reduced pro-rata. Should a smaller company periodically move in and out of the ‘very large’ category, there is no introductory period, and the accelerated rates will apply straight away.

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