Corporation tax rates for your limited company
The standard rates for corporation tax are below
(i) Trading Profits: 12.5%
(ii) Professional Service Surcharge: 15% of 50% of Distributable profits
Trading Profits
A flat rate of 12.5% Corporation Tax is chargeable to Company profits.
Professional Service Surcharge
S441 TCA 1997 provides for a surcharge on certain undistributed income of service companies, the majority of Professional Contractors would fall under this.
Therefore, if you leave your reserves or profits in your company this extra tax will be chargeable, the effective rate of Corporation tax is approximately 19.06%
Filing of Corporation tax returns
Your corporation tax return is due on the 23rd of the 9th Month following your year-end. If your year-end is 31/12/2018, then Corporation tax filing is due on 23rd September.
Payment of Corporation Tax
Preliminary Tax is payable 31 days before the end of the accounting period and on the 23rd of that month.
Amount: 90% 100% of CT liability for the previous year
OR 90% estimated of the current period
Balance of corporation tax is due on filing of the Corporation tax return.
Accounting year end: 31/12/2018
Preliminary tax due: 23/11/2018
Balance due: 23/09/2019
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