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December 2023

Corporation Tax marginal rate | How do you calculate corporation tax marginal relief

The Corporation Tax main rate for companies with profits in excess of £250,000 increased to 25% on 1 April 2023. A Small Profits Rate (SPR) of 19% was also introduced from the same date for companies with profits of up to £50,000, ensuring these companies continue to pay Corporation Tax at the same rate as was previously the case.

What happens if you miss the late filing deadline for company accounts | Late Filling Penalties

The directors are responsible for filing their company’s accounts and ensuring they’re filed before the filing deadline. Understanding your role and how late filing could affect your company is important.  

Cash Basis for Sole Traders | Should I use cash basis for my tax return?

The cash basis scheme helps sole traders and other unincorporated businesses benefit from a simpler way of managing their financial affairs. The scheme is not open to limited companies and limited liability partnerships. The cash basis scheme allows qualifying businesses to use the cash basis when recording income and expenditure. However, this cash basis scheme is not appropriate for all small businesses.

What is the National Insurance Contributions Rate for 2024?| How Employed and Self Employed can Calculate their Annual Gain?

In the  recent Autumn Statement, the Chancellor announced a significant change to National Insurance contributions for both employees and self-employed people.  

Tax Diary January 2024

Tax Diary January 2024