Planning for Corporation Tax in 2023

For the financial year 2023:

  • the main rate of corporation tax will be 25% for companies with taxable profits above £250,000.
  • a so-called standard small profits rate of 19% is being introduced for companies with profits of £50,000 or less.

So, profits up to £50,000 will be taxed at 19%. From £50,001 to £250,000 the rate will be 26.5% and from £250,001 upwards it will be £25%.

If you expect to have profits that will fall in the 26.5% band, can you plan to accelerate any of this income so that it falls in 2022/23 to get the benefit of the 19% rate on all your profits.



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