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Tip of the Week – 10/05/2021

Are you ready for 25% Corporation Tax?

The Chancellor announced that only companies with profits above £250,000 would pay the 25% rate. He did not mention that between £50,000 and £250,000 the rate will be 26.5%. These profit limits are divided by the number of companies under common control. So, if you currently operate 5 companies, the limits for each separate company are £10,000 and £50,000.

You only have 2 years to reorganise your businesses. A group of companies enables you to move losses between companies. You also want to organise your activities to equalize profits between companies so they all pay similar rates.

If you need help or to find out more, you know where to find us.

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