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.

If you want to know more about this article, or if your Corporation Tax is still a mystery, why not just give us a call?