Running a small or medium-sized business already comes with enough deadlines, pressures, and paperwork. Now there’s a new rule on the horizon that every SME needs to be aware of: From April 2026, the penalties for filing your Corporation Tax (CT) return late will double. This change applies to every limited company — from one-person […]
The Chancellor delivered her long-awaited and very late Budget highlighting intentions to review public spending, to freeze thresholds, to remove and reform certain allowances and to highlight future tax increases. It was a Budget that added more complexity into an already complex tax system. As with previous Budgets this complexity may increase as we will […]
Some of the measures announced by the Chancellor were as follows: Rates and allowances: The government will reduce the basic rate of income tax to 19% for England and Wales from April 2023. Also, the additional rate of income tax of 45% is abolished from April 2023, meaning the highest rate of income tax for […]
For all Budget Tax Rates 2019 to 2022, click here.
The Spring Budget 2020 announced a significant restriction on future availability of entrepreneurs’ relief (ER) for individuals who dispose of all or part of their business, individuals who dispose of shares in their personal company, and trustees who dispose of business assets. Broadly, the lifetime limit of £10m is to be reduced to £1m for […]
2016/17 2017/18 2018/19 £ £ £ Income tax rates – (non-dividend income) 0% – starting rate for savings only note 1 Up to 5,000 Up to 5,000 Up to £5,000 20% basic rate tax 11,001 – 43,000 11,501 – 45,000 11,851 – 46,350 40% higher rate tax 43,001 – […]