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Tip of the Week – 31/05/2021

26.5% Corporation Tax

Within 2 years the top rate of Corporation Tax will be 26.5%. The lowest rate will be 19%. The cut offs are at £50,000 for the 19% band and £250,000 for the 26.5% band. Above that you will pay 25%.

But these limits are divided by the number of companies you (and your associates e.g. spouse) control and not necessarily the number of subsidiaries and the limits are applied equally to each company.

So, review your corporate shareholdings sooner rather than later so that you can plan ahead to make most efficient use of the tax bands by changing shareholdings, equalising profits etc.

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

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