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The Company Tax Changes(2023 Edition)

Authors:

Carl Bayley

Free the company tax changes 2023 edition carl bayley 1911020757, 978-1911020752
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Book details

ISBN: 1911020757, 978-1911020752

Book publisher: Taxcafe UK Ltd

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Book Summary: Revised December 2022 - Completely up to date.This essential guide covers the four major tax changes that affect company owners: The corporation tax increaseThe 130% Super DeductionThe generous new rules for lossesThe increase in national insurance and income tax on dividendsThese important tax changes are relevant to ALL companies, including property investment companies.The third edition was revised in December 2022 and is completely up to date with all the latest tax changes, including those announced in the November 2022 Autumn Statement.From April 2023 there will be three corporation tax rates: 19% (profits £50,000 or less), 26.5% (profits between £50,000 and £250,000) and 25% (profits over £250,000). The higher rates will affect some companies from as early as May 2022.This guide shows you how to maximise your tax savings both before and after the increase. In one example a company saves £32,250 by selling an investment property before 1st April 2023.At present owning more than one company does not affect your tax. In the future owning more than one company (such as a property company) could result in a higher tax bill. Sometimes it will save you tax.The guide also provides full details of the generous 130% Super Deduction that allows companies to deduct up to 130% of their spending on things like new vans, machinery, furniture and computer equipment.We also take a look at the new rules for losses that will allow some smaller companies to bring in extra tax refunds of up to £76,000 and, finally, how the increase in national insurance and income tax on dividends affects company owners' salary/dividend decision.