The government have been gradually bringing down the so-called main rate of corporation tax that applies large companies with profits in excess of £300,000, in an effort to entice companies to come and trade in the UK.
Unfortunately, the government have not made any corresponding changes to the small profits rate. And so from April 2015, we find ourselves with a uniform corporation tax rate of 20% across all companies; irrespective of the level of their profits.
If you’d like any support in managing your corporate or personal tax affairs, please get in contact with us and we’ll put you in touch with your local TaxAssist Accountant.
By Jo Nockels
Disclaimer: Advice shared in this blog is intended to inform rather than advise. Taxpayer's circumstances do vary and if you feel that the information provided is beneficial it is important that you contact us before implementation. If you take, or do not take action as a result of reading this forum, before receiving our written endorsement, we will accept no responsibility for any financial loss incurred.