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UK Corporation Tax -
A 2023 Overview

For expert advice on Corporation Tax in the UK please book a free consultation below.

Your Guide to the April 2023 Changes

Businesses operating in the UK need to adhere to the UK Corporation Tax latest updates. Ballards LLP can help you take a closer look at what these changes mean for your businesses and what steps we can take to be ready.

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What You Need to Know

It’s important for businesses to adhere to the changes and get the most out of the new rules. See below for a summary of the key takeaways:

SMA2
  • Changes to the Corporation Tax Rate are in effect from April 2023
  • This applies to all businesses with profits over £250,000
  • Businesses with profits below this limit will continue to pay the current rate of 19%
  • Companies with annual profits of between £50,000 and £250,000 will pay tax at the main rate.
  • If you have any further questions or would like to discuss your business's tax arrangements, please don't hesitate to contact us at Ballards LLP.
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Frequently Asked Questions

How can Ballards LLP support my small business?

Ballards LLP’s team of expert chartered accountants will help you keep track of your finances, stay on top of taxes and deductions and ensure that your books are in order. We also offer strategic business advice, audit & assurance and tax services, delivered using state of the art technology.

What is the UK Corporation Tax rate 2023?

The UK corporation tax rate for 2023 increased on 1 April 2023 from the current rate of 19% to 25%. This change was announced by the UK government and is already legislated for.

Will the new Corporate Tax UK legislation effect my business?

It’s important for businesses to prepare for this change and evaluate its potential impact on their operations and finances. Contact us at Ballards LLP today for further advice. 

When is my Corporate Tax payment due?

The payment date is 9 months and 1 day after the end of your accounting period. Typically, the accounting period is the same as your financial year. However, when you start your company, you might have 2 accounting periods.

How is UK Corporation Tax calculated?

In order to calculate a UK company’s Corporation Tax, expenses, deductions, and reliefs  are subtracted from their taxable profits. The standard rate is 19%, but different rates apply for different incomes and industries. Ensure to keep accurate records of  your company’s profits and expenses to ensure the calculation is accurate.

Why should I talk to Ballards LLP?

At Ballards LLP we have the expertise and resources to provide valuable insights, ensure compliance with regulations, optimise your business finances, guide you on financial decisions, and help you make informed choices.

What services can Ballards LLP offer my small business?

We are an award-winning firm of chartered accountants that offers an integrated approach to accounts production, audit, taxation and strategic business advice. Get in touch with Ballards LLP today to help us understand your small business and get you in touch with a friendly member of our team.

How soon can Ballards give me a quote for accountancy?

To talk through your business requirements, or to simply Get in touch please enter your details in the form, or call us at 01905 794504. We will be happy to schedule you in for a free consultation.

How can I ensure my business is compliant with relevant legislation and regulations?

At Ballards LLP we ensure your organisation remains entirely compliant with the financial, regulatory and statutory requirements for you, so you don’t have to. If you need assistance with compliancy, Get in touch with us for a free 30 minute consultation.

Book a free consultation today

If you have any further questions on Corporate Tax in the UK, use the form at the top of the page. Alternatively, click below for more in depth insight into our Corporate Tax services.

MORE CORPORATE TAX
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