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Preliminary CT

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  • 27-03-2016 9:54pm
    #1
    ROH2015
    Registered Users Posts: 6 ✭


    What happens if preliminary ct has not been paid for the previous year?

    Can a CT1 be filed?

    Could someone explain how Preliminary Corporation Tax works ?

    Thanks


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    #2
    OttoPilot
    Registered Users Posts: 540 ✭✭✭OttoPilot


    Preliminary CT has to be paid by the 23rd of the month before the year end. (Sometimes earlier but depends on the size of the business). It's based on either 100% of the previous years liability or a 90% estimate of this year's (again depends on size).

    Interest will be charged daily on the shortfall between the liability you should have paid and what was actually paid. The interest will not be tax deductible.


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