UK corporation Tax Changes

On 1 April 2023 the corporation tax rate changes to a variable rate of between 19% and 25% depending on the profits made by your business meaning a possible change to the liability for the tax year 2023/24.

Currently corporation tax is 19% for most companies except for those in specific sectors but from 1 April 2023 the rates change to:
• 19% for profits of up to £50,000
• 25% for profits over £250,000
• A tapered rate between 19% and 25% for profits between £50,000 to £250,000
This is on the assumption of a 12 month tax period and there being no associated companies.

Get in touch if you need any help planning for these upcoming changes.