By
Share
Corporation Tax rates are set to increase from 1 April 2023 which could have a significant impact on your tax liability.
Currently, incorporated companies and associated companies suffer 19% Corporation Tax on their profits regardless of the size of the profits the business has made.
In the Spring Budget, it was announced by the Chancellor, that this will continue up to 31 March 2023, however, after this date, the Corporation Tax main rate will be increasing to 25%.
Businesses with profits over £250,000 will be charged Corporation Tax at the new main rate of 25%. There will also be a small profits rate which will be introduced at 19% for businesses with profits up to £50,000. Companies with profits between £50,000 and £250,000 will pay a Corporation Tax rate between 19% and 25% as the main rate will be reduced by a marginal relief.
There are many ways in which you can reduce your Corporation Tax liability. Please get in touch with one of our specialists in our Dalston, Dumfries, Penrith or Workington offices to discuss your options.
We have also created a handy Corporation Tax calculator, which you can find here, to allow you to see how the upcoming changes may affect your business.
14 November 2023
4 January 2023
3 October 2022
11 August 2022
13 July 2022
27 May 2022
25 May 2022
4 May 2022
28 April 2022
20 April 2022
5 April 2022
9 March 2022
3 March 2022
1 March 2022
1 March 2022
24 February 2022
24 February 2022
19 January 2022
25 November 2021
25 November 2021
16 November 2021
1 October 2021
24 September 2021
16 September 2021
29 July 2021
12 July 2021
26 March 2021
27 January 2021
15 January 2021
10 December 2020
19 November 2020
13 October 2020
25 August 2020
We want to keep you up to date with relevant news, information, advice and changes which might impact you or your business. To ensure you get the latest updates delivered directly to your inbox, sign up to our e-bulletins below.
Available to download on iOS and Android by visiting the links below.
Unique access code: DavidAllen