Tag: budget 2023

Spring Budget 2023

How to Cope With Corporation Tax Rise The Budget confirmed that the main rate of corporation tax will rise from 19% to 25% on 1 April 2023 but the small profits tax rate will stay at 19% where the company’s profits do not exceed £50,000….

Income Tax

The main income tax thresholds and allowances had already been frozen at the 2021-22 levels until 2026 and that has been extended to 6 April 2028. The main income tax rates are unchanged for 2023-24 at: 20%, 40% and 45%. Individuals in England, Wales and…

Dividend Tax

Dividends are taxed at much lower rates than other forms of income and they are not subject to national insurance contributions (NIC). The Chancellor has decided to cut the dividend allowance to £1,000. This can make taking income from your own company in the form…

Corporation Tax Up

When the current Prime Minister was Chancellor he announced an increase in the main rate of corporation tax to 25% to apply to profits above £250,000 from 1 April 2023. We can help you decide whether the IR35 rules apply to your contracts. Under the…

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