25/05/2023
⚠️ Corporation Tax and Dividend Rates have changed ⚠️ - are you getting the most out of your tax relief?
From 1 April 2023, there is no longer a single Corporation Tax rate. The small profits rate of 19% is set for companies with profits of £50,000 or less. Companies with profits between £50,000 - £250,000 will pay tax at the main rate (25%) reduced by marginal relief!
Your company may be able to claim Marginal Relief if:
- its taxable profits from 1 April 2023 are between £50,000-£250,000 (above that you pay the full 25%),
- You know how to calculate it and will fill in the necessary documents.
The dividend allowance (amount free from tax) was also reduced from £2,000.00 – to £1,000.00
Tax rate on dividends over the allowance depends on income tax band:
- Basic rate: 8.75%
- Higher rate: 33.75%
- Additional rate: 39.35%
Don't leave money on the table contact us for a FREE Tax advice today (on 07590 413 751) and see what we can do for you.
https://ak-sound-account.co.uk/