The main rate of corporation tax will increase from 19% to 25% on 1 April 2023. For businesses with accounting periods which straddle 1 April, profits will be time apportioned. Businesses with profits of less than £50,000 will continue to be taxed at 19%, for businesses with profits of between £50,000 and £250,000 a tapered […]
As an employer running payroll, you need to report to HM Revenue and Customs (HMRC) on the previous tax year (which ends on 5 April 2023), give your employees a P60, and prepare for the new tax year, which starts on 6 April. What you need to do […]
The expected increase in the rate of corporation tax for many companies from April 2023 to 25% will go ahead. This means that, from April 2023, the rate will increase to 25% for companies with profits over £250,000. The 19% rate will become a small profits rate payable by companies with profits of £50,000 or […]
For expenditure on or after 1 April 2023, the Research and Development Expenditure Credit (RDEC) rate will increase from 13% to 20% but the small and medium- sized enterprises (SME) additional deduction will decrease from 130% to 86% and the SME credit rate will decrease from 14.5% to 10%. A higher rate of SME payable […]
Working parents in England will be able to access 30 hours of free childcare per week, for 38 weeks of the year, from when their child is nine-months old to when they start school. This will be rolled out in stages: From April 2024, all working parents of two-year-olds can access 15 hours per week. […]
The super-deduction regime, which gives a 130% enhanced first year allowance (FYA) to companies on the purchase of qualifying plant and machinery, comes to an end on 31 March 2023. Instead, the government has announced Full Expensing, a 100% FYA, which allows companies to deduct the cost of qualifying plant and machinery from their profits […]
This measure supports the government’s efforts to encourage inactive individuals to return to work, in particular those aged 50 and above, and it removes incentives to reduce hours or leave the labour market due to pension tax limits. Legislation will be introduced in Spring Finance Bill 2023 and will have effect from 6 April 2023. […]
For limited companies, when it comes to making decisions, Company Law states shareholders who own more than 50% can pass a motion at a company meeting regardless of the views of other shareholders and if a shareholder(s) owns 75% or more of the shares they control the company outright and can veto the decisions of […]
If you are due to file accounts with Companies House be sure to use the online services where possible and allow plenty of time before your deadline. Companies House will send you an email to confirm that they have received your accounts. They will send you another email when they have registered your accounts. If […]
What is Capital Gains Tax? Capital gains tax (CGT) is the tax you pay on any profit (gain) made when selling an asset – including a property that is not your main home. The gain is the difference between the price paid for the property, and the amount it is later sold for. If a […]
