Most business owners are very aware of the upcoming corporation tax hike. From 1 April 2023, corporation tax will increase from 19% to 25%, with the nearly one third cost increase fully affecting businesses with taxable profits over £250,000.
Such is the level of increase that accelerating proposed asset disposals, reconsidering the timing of planned capital expenditure and even changing company year ends are all hot topics of conversation. Corresponding, but less highlighted, changes to “super-deduction” rules for capital allowances, research & development tax legislation and changes to associated company definitions mean the impact may be far wider than just the rate changing headline.
Get in touch with our specialist business tax team to discuss the specific impact of the upcoming changes on your business and how to best navigate through them.
Our experienced and approachable team are on-hand to assist you, please get in touch below: