Data just released by the ONS shows that there were 1,396,500 companies in the UK in tax year 2013/14. Of these 1,137,018 (some 81.4%) paid corporation tax in 2013/14. The average taxable profit per company was £166,242 and the average corporation tax paid was £34,356 (a rate of 21.2%). Overall business contributed over £40 billion in corporation tax in 2013/14 report Harris & Co chartered accountants Northampton, the specialist small business accountants. The data shows that most companies end up paying about 20% on their profits, with the few allowances such as R&D tax credits and annual investment allowances making little difference to the overall tax bill.