Corporation Tax

 

FY 2021

FY 2020

Main rate

19%

19%

 There is an 8% supplementary tax on banking profits.

It was announced as part of the Budget 2021 measures that from 1 April 2023, there will be two rates of Corporation Tax. Taxable profits up £50,000 will continue to be taxed at 19% under the new Small Business Profits Rate. Taxable profits in excess of £250,000 will be taxed at 25%. Profits between £50,000 and £250,000 will be subject to a marginal tapering relief. This would be reduced for the number of associated companies and for short accounting periods.

Disclaimer

In preparing and maintaining this section of our website every effort has been made to ensure the content is up to date and accurate. However, the law and regulations change continually, and unintentional errors can occur, and the information may be neither up to date nor accurate. We make no representation or warranty (including liability towards third parties), express or implied, as to the accuracy, reliability or completeness of the information on the website. Please don’t act directly on anything you read - contact us first for advice on how it may affect your individual circumstances.

Contact Us

Foster Knight

DC Business centre
10 Charles Wood Road
Rashes Green Industrial Estate
Dereham
Norfolk
NR19 1SX
 
Tel:01362 851718

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