The following Corporation Tax guidance note by Tolley provides comprehensive and up to date tax information covering:

• QIPs ― when do they apply?
• Definition of a large company
• Very large companies
• Group arrangements
• Circumstances where QIPs are not payable

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This guidance note provides details of quarterly instalment payments QIPs for corporation tax purposes and which companies need to pay their tax liabilities in this manner Generally corporation tax is payable nine months and one day after the end of the relevant accounting period However large companies are required to pay their corporation tax liability upfront in four quarterly instalments subject to a few exceptions which are set out below The rules in relation to the payment of quarterly instalments and the definition of a large company can be found in Corporation Tax Instalment Payments Regulations 1998 SI 1998 3175 The concept of a very large company also applies for accounting periods beginning on or after 1 April 2019 Very large companies are required to pay QIPs before the accounting period end which is earlier than the payment schedule for large companies SI 2017 1072 For guidance on the calculation of the QIPs and potential interest charges please refer to the Calculating QIPs guidance note Definition of a large company A large company is one whose profits in an annual accounting period exceed 1 5m However if it is the first accounting period in which the company falls within the definition of large the threshold is 10m Also if its total liability for the period does not exceed 10 000 it will not be large SI 1998 3175 reg 3 4 5 Profits are defined as augmented profits within the meaning of CTA 2010 s 279G Augmented profits comprise the company s taxable total profits of the period CTTPP plus any exempt ABGH