Prepare for the Corporation Tax Rise
Posted on 10th May 2022 at 11:45
The current tax rate for companies is 19%, which applies to the vast majority of them regardless of their size. This is due to change in the near future, as Corporation Tax will take on variable rates from 1st April 2023, ranging from 19% to 25%.
If your company has profits of £50,000 or less per tax year, you should remain on the small profits rate of 19%. Companies with profits between £50,000 and £250,000 will pay the main rate of 25%, although this will be reduced by marginal relief (ask us for more details). As for companies with profits in excess of £250,000, the 25% main rate will apply in full.
We'll help you to cut your tax bill
We understand that this may not be welcome news, which is why we provide exceptional tax consultancy services that are designed to reduce your tax liabilities. For more information or to book a free initial consultation, call our Yorkshire office on 01482 235575, our London office on 0207 885 0605, or fill in the contact form below.
Tagged as: Tax
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