From accounts profit to the tax bill
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A limited company doesn't pay corporation tax on the profit in its accounts. Some costs aren't allowed for tax (such as depreciation and client entertaining), capital allowances are given for equipment instead of depreciation, and losses from earlier years can be set off. The rate then depends on the size of the profit and how many associated companies there are. This calculator takes you through every step: it adjusts the accounts profit, works out capital allowances, applies losses and charitable donations, calculates the tax at 19%, 25% or with marginal relief, and tells you when the tax and the return are due.
See how it works
The sheets you will use most, in the order you will use them – shown with the sample data every workbook comes with.
Step 1
The full computation: adjusted trading profit, taxable total profits, rate and marginal relief, payment and filing dates and quarterly instalments. What you do: nothing to enter – read and check it.
Step 2
Additions in the period, AIA, first-year allowances, the main and special rate pools, pools carried forward and the capital allowance rates used. What you do: enter each asset bought with its date, and the pool balances.
Step 3
Corporation tax, effective rate, marginal rate and profit after tax at every £10,000 of profit from £0 to £400,000, with a chart. What you do: nothing – the row closest to your profit is highlighted.
Step 4
Who it is for
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Part of AML Finance Group
Our sister firm, AML Accountancy Solutions, is an award-winning accountancy practice helping businesses and individuals across the UK with their accounts, tax, bookkeeping and payroll.
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