Corporation Tax

Corporation tax is required to be filed by limited companies. From 1 April 2023, there is no longer a single Corporation Tax rate for non-ring fence profit. It is still 19% for profit £50,000 or less. It will be 25% for profit above £250,000. And profit between £50,000 and £250,000 will be taxed at the main rate (19%) but reduced by a marginal relief. This provides a gradual increase in the effective Corporation Tax rate.

To be more tax efficient on corporation tax, there are different allowances and allowable expenses available for different businesses and transactions. We are very knowledgeable in this area, and will help you taking the advantages as being a limited company.

Clients should be able to check their own corporation tax status by logging onto their online tax account, or asking the accountants to ensure tax liability to be paid before the deadline to avoid any penalties or interest charge.