Article written by Kellands Hale, our preferred independent advice firm.
This article is not intended to be financial advice to any individual. The views expressed are those of the author and Moneyfactscompare.co.uk does not endorse the content.
In his March 2021 Spring Statement, the then Chancellor and current Prime Minister Rishi Sunak announced a six-percentage point Corporation Tax increase that would come into place this April.
Tomorrow it will come into effect and many business owners will see their Corporation Tax bill rise from 19% to 25%.
However, this rise doesn’t apply to all businesses – and will have a varied impact on different companies depending on:
- The amount your business generates in profit each year.
- If you operate a “ring fence” company. In other words, if your company makes money through oil and gas.
- Your business’s allowable expenses.
If you are a business owner anticipating a larger Corporation Tax bill from April 2023 onwards, you could be concerned about managing both your personal and corporate wealth in the coming years.
If you have questions about the impact this rise may have on your wealth, you’re in the right place. Read on to find out three key things business owners should know about the upcoming Corporation Tax increase.
