Corporation tax is due for payment 9 months and 1 day after the accounting period end. If the accounting period is a full year this will be 9 months and 1 day from the year end but earlier dates will apply if the financial year is longer than 365 days, typically in the first year.

Any person who receives income (or to whom income accrues) other than a salary, advance or allowance, is a provisional taxpayer and should register for provisional tax. Provisional tax is not a separate tax from income tax.

The UK imposes a 20% withholding tax on non-residents who receive certain interest payments, rents or royalties from the UK.

The VAT registration and deregistration thresholds will not change for 2 years from 1 April 2022. The taxable turnover threshold, which determines whether a person must be registered for VAT, will remain at £85,000 until 31 March 2024.

The purpose of provisional tax is to allow a taxpayer to pay income tax during the tax year in which the income is earned. By paying the amounts due in terms of the provisional tax liability, the taxpayer will prevent large amounts of tax due on assessment, as the tax load is spread over the relevant year of assessment.