Corporation tax is the tax paid by companies on their profits. Unincorporated organisations (such as clubs and societies) also pay corporation tax, if they have taxable income. Partners in both traditional and limited liability partnerships and sole traders pay income tax instead.

If you use accountants to prepare your year-end figures, or auditors to check them, they will normally calculate your corporation tax liability, too. But you cannot afford to ignore corporation tax until the year end, because your activities during the year could have a significant impact on the final bill.

This briefing explains:

• How corporation tax is calculated.
• When you have to pay it.
• When you can offset losses.
• How to minimise your tax bill.

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