How to pay corporation tax

Produced by Tolley in association with

Corporation Tax

Guidance

Methods of paying corporation tax

All corporation tax must be paid electronically. There are several different methods of making electronic payments:

•
Direct Debit
•
internet, telephone or BACS direct credit
•
corporate debit or credit card
•
Bank Giro
•
CHAPs

Corporation tax payment reference number

Each form of payment requires the inclusion of a corporation tax payment reference. The ‘payment reference’ is different to the unique taxpayer reference (‘UTR’) and is a 17-character reference for the accounting period to which the payment relates.

The corporation tax reference is usually printed on the payslip and other HMRC correspondence and consists in part of the unique taxpayer reference (UTR) number. If the company does not know the corporation tax reference number, HMRC should be contacted to confirm this. Failure to quote the payment reference number when making a payment may cause acknowledgement of the payment to be delayed, returned or allocated to the wrong accounting period.

Payment by Direct Debit

In order to pay by Direct Debit, the company

Access this article and thousands of others like it
free for 7 days with a trial of Tolley+™ Guidance.

TAKE A FREE TRIAL

Anton Lane

Managing Partner, Edge Tax LLP , Corporate Tax, OMB, Employment Tax, International Tax, Personal Tax, IHT Trusts and Estates

I started my career helping to sort out tax problems for high net worth individuals, corporations and high profile clients under investigation for suspected serious fraud at Ernst & Young. I specialised in anti avoidance legislation targeting offshore structures and held senior positions with large offshore fiduciary service providers. I established the Edge brand over a decade ago and in 2012 focused the main business on managing tax risks, handling suspected serious fraud cases and assisting clients and advisers with disclosures to HMRC.

Popular Articles

Personal Tax

Timing of disposal for capital gains tax

Timing of disposal for capital gains taxDate of disposalThe date of the disposal determines the period in which the gain is subject to capital gains tax (CGT). When the rates of CGT change, the determination of the date of disposal can also affect the rate of CGT that applies to the gain.See the

14 Jul 2020 13:50 | Produced by Tolley Read more

Year-end tax planning

Owner-Managed Businesses

Bad debts

Bad debtsBad debts usually arise where goods or services have been provided to a customer, for which payment has not been received within a reasonable or specified time period, or for which the customer is unable to pay. It is necessary to determine the quantum of relief that can be claimed for bad

14 Jul 2020 15:34 | Produced by Tolley Read more

Employment Tax

Payroll record keeping

Payroll record keepingUnder SI 2003/2682, reg 97, “...an employer must keep, for not less than 3 years after the end of the tax year to which they relate, all PAYE records which are not required to be sent to [HMRC]...”. Reasons for keeping the records include:•being able to calculate tax and

14 Jul 2020 12:52 | Produced by Tolley in association with Ian Holloway Read more

��Ӱ��