At Gallagher Keane, we understand that managing your company’s tax obligations can be complex. One of the key deadlines you need to keep track of is the due date for preliminary Corporation Tax (CT). Whether you’re running a large or small company, it’s important to know when and how much to pay to avoid any penalties. Here’s a breakdown of when the preliminary CT is due.

Large Companies:

Large companies are required to pay their preliminary CT in two instalments if their accounting period is longer than seven months.

• First Instalment: This is due on the 23rd of the sixth month of the accounting period. The amount payable is either:
  • 50% of the CT liability for the previous accounting period, or
  • 45% of the CT liability for the current accounting period.
• Second Instalment: This is due on the 23rd of the eleventh month. This instalment should bring the total preliminary tax paid up to 90% of the final tax due for the current accounting period.

If the accounting period is less than seven months, the company must pay 90% of the preliminary tax in a single instalment.

Small Companies:

Small companies, defined as those with a CT liability of less than €200,000 in their previous accounting period, are only required to pay their preliminary tax in one instalment. This instalment must be paid 31 days before the end of the accounting period, and no later than the 23rd of that month.

Understanding these deadlines is essential for staying compliant with Corporation Tax requirements.