Corporation tax rates & Pension

Corporation tax rates have changed from 1st April 2023 onwards (impacting financial yearends from 30/4/23 onwards).

Yearend 31/3/23 and prior will be the last period at the old rates

Remains 19%
at under 50k

Connected companies mean rates halved, EG if 2 companies, 19% at under £25k profit (under common control)

Overlap periods apply.EG year end 30/9/23 is 6 months at old rate and 6 months at new rate.

31/3/24 means full year at new rate25% tax if profits over 250k

In between 50k and 250k profits is a gradual increasing % between 19% and 25%

Pension contribution relief could now be up to 58.75% if reducing higher rate dividend tax and the maximum corporation tax band.

Written by Vegan Accountants

The expert team at Vegan Accountants take away the hassle and pressure of your accounts and tax compliance. Our wide-ranging services give us the flexibility to deliver tailored support for your business.

May 31, 2023

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