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So, here you are ‘Business Owner’ – it’s got a nice ring to it, hasn’t it… You’ve probably ...
9 February 2023
As we highlighted in our Autumn Statement 2022 digest, the main rate of corporation tax is increasing from 19% to 25% on the 1st April 2023 for those companies with profits over £250,000, and the ‘super-deduction’ for capital allowances is coming to an end on 31st March 2023.
Ahead of these upcoming changes, it’s definitely a good idea to assess how you’ll manage the increased rate, should it apply to you, and consider the timing of the changes to utilise the relief. More on this below.
Since 1st April 2021, companies have been able to claim enhanced capital allowances under the super-deduction regime which allows them to claim 130% relief on any qualifying expenditure.
This regime ends on 31st March 2023, so if you’re thinking of making any substantial capital purchases (like equipment, computers, furniture), it might be worth making these sooner rather than later so you can claim back cash on your investments. Here’s a guide to super-deduction from HM Treasury.
From 1st April 2023, there’ll no longer be a one-size-fits-all approach to corporation tax – it all depends on the level of your profits as follows:
With these changes in mind, our specialist tax advisors can help with your tax planning. All you need to do is drop them an email.
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