You are required to calculate the 2021 Corporation Tax of your company and to proceed with the prepayment of the 2021 Corporation Tax in two instalments as follows:
– by the 31 July 2021, and – by the 31 December 2021
If you do not prepay at least 75% of the Corporation Tax in these two instalments then a 10% Penalty will be added to the Year End Tax Liability. Therefore, it is more tax efficient to prepay this tax and to avoid the penalty.
If an over payment takes place then this over payment can be carried against the 2021 Corporation Tax or Other Applicable Taxes affecting your company (i.e it can be netted off).
Please ensure that you contact us the soonest possible to calculate the appropriate tax level and the first 2021 tax prepayment of your Company. Payment can be made directly using the JCC portal