Kirkpatrick & Hopes - Succession Planning Accountants

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Why not pay your Corporation Tax early?

This may sound like strange advice. I should be advising you on ways to reduce your tax bill. But if you have funds on deposit waiting to pay your tax bill, which every prudent business should have, then it is a good option to pay your Corporation Tax bill ahead of time.

The Revenue currently pays 0.5% on any Corporation Tax paid early. The interest is taxable and if it is a better rate than currently paid on your bank deposit, then it makes sense to pay the tax bill ahead of time.

Looking on Money Facts you can beat the rate of 0.5% if you shop around.

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