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.
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Today is the last day of the 2016 tax year and you may be interested to hear the most common tax queries our clients have asked during this tax year. Admittedly, it's not too scientific, but we hope it gives you an idea.
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How can I motivate my staff in a tax efficient way?
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