The amount of corporation tax due by a company varies according to the amount of income generated. There are now two rates of company tax: the lower 'small revenues' rate and the higher 'complete' or 'major' rate. If your company's income is less than 300,000 pounds, you will undoubtedly pay the small revenue charge of 20%. Earnings above £1,000,000 in company will be taxed at a rate of 21% from April 1, 2014. Any earnings that fall between these two amounts will be reduced by 'minimal relief.'