It turns out the markets were king all along! Today, Jeremy Hunt has tried to demonstrate the government takes the markets, or just good financial management, seriously by reversing a lot of measures announced less than a month ago.

At the beginning of the week, we welcomed new King Charles III. At the end of the week we're asked to welcome another King. Cash in people's and businesses' hands is clearly the new King!

As we reflect back on 2021, here are our Top 10 client queries we've seen time and again during 2021. You may see certain Covid related themes emerging! 

INTRODUCTION

For annual group taxable profits over £50k, from 1 April 2023, the corporation tax rate will increase from 19% to 26.5% on additional profits between £50k up to £250k, after which 25% is charged on all profits over £250k.

Therefore reducing profits from say £100k to £50k saves 26.5% of £50k = £13,250. Or on profits in the entire 26.5% tax band from £50k to £250k, you might even get to save 26.5% of £200k, a corporation tax saving of £53k!

NB For close investment holding companies, 25% will apply to all your taxable profits.