The UK government has reversed their decision to freeze Corporation Tax at 19% and from April 2023 businesses will be facing higher taxes of up to 25% on their profits.
Profits up to £50k will be taxed at 19%
Profits above £250k will be taxed at 25%
Profits between £50k and £250k will get marginal relief which will see the rate taper up from 19% to 25%
The U turn on Corporation Tax will impact many of the 3 million or so Directors of SME’s who received little or no support during the pandemic but will pay more as a result.
Business rates holidays have now come to an end, there has been a significant increase in energy costs, and the economic outlook for the UK economy is bleak. The next couple of years will be challenging for all businesses.
Business rates are a huge burden for any ratepayer and with the 2023 General Revaluation on the horizon, now more than ever, we encourage all ratepayers to check their rates bills for accuracy and fairness. Unlike the corporation tax and energy bill hikes, every business CAN CHALLENGE THE RATES THEY PAY.
If you have any concerns about your business rates, we are here to help.
Call: +44 (0) 28 7051 7561 or +44 (0) 7808 514 643