Paying corporation tax goes wrong for one reason more than any other, and it is not the bank details. It is the reference. Corporation tax is paid against a seventeen-character reference that is specific to a single accounting period, so the reference that worked last year will not apply this year's payment to this year's liability, and the money can sit unallocated while interest runs on the debt it was meant to clear.
The reference is per accounting period, not per company
The payment reference for corporation tax is a seventeen-character pay reference number, and it changes each accounting period. It is not the company's ten-digit Unique Taxpayer Reference, though the UTR forms part of it. HMRC shows the correct reference for the period on the payslip reminder it issues and in the company's online account, and using the previous period's reference is the most common cause of a payment that has been made on time being treated as though it has not. If you cannot find it, it is in the HMRC online service against the accounting period the payment relates to.
How long each payment method takes
The method matters because the deadline is the date HMRC receives cleared funds, not the date you press send. Faster Payments, CHAPS and payment by debit card or corporate credit card generally reach HMRC the same day or the next working day. Bacs takes three working days. Direct Debit takes three working days if a Direct Debit is already set up for the account and five working days the first time. A payment at a bank or building society also takes three working days. If the deadline falls on a weekend or bank holiday, the money has to be with HMRC on the last working day before it.
Telling HMRC when nothing is due
A company with no corporation tax to pay still has to say so. If you do not, HMRC has no way to distinguish a nil liability from a missed payment and will chase it. The declaration is made either in the company tax return or through the no-payment-due form linked from the payment guidance, and it is a two-minute job that saves a sequence of automated reminders. It is separate from filing the return itself, which has its own deadline and its own penalties.
Questions people ask about corporation tax payment details
What reference do I use to pay corporation tax?
A seventeen-character pay reference number that is specific to the accounting period being paid. It is not the company's UTR on its own, and last year's reference will not work for this year's payment.
How long does a corporation tax payment take to reach HMRC?
Same or next day for Faster Payments, CHAPS and card payments. Three working days for Bacs, an existing Direct Debit or a payment at a bank. Five working days for a Direct Debit set up for the first time.
What if the deadline falls on a weekend?
The payment has to reach HMRC on the last working day before it, unless you are paying by a method that clears the same day. The rule is about when HMRC has the money, not when you send it.