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Corporate Tax in London primarily refers to Corporation Tax, a direct tax levied on the taxable profits of companies and other organisations based in the United Kingdom. This encompasses profits from trading, investments, and capital gains, requiring careful calculation and reporting to HMRC.
Companies operating in London are subject to UK Corporation Tax, administered by HM Revenue & Customs (HMRC). The main corporation tax rate is currently 25% for companies with profits over £250,000, with a small profits rate of 19% for profits of £50,000 or less, and marginal relief for profits between these thresholds. Companies must file a Company Tax Return (CT600) and pay their corporation tax liabilities, with deadlines varying based on accounting periods.