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In the UK, a limited company must pay Corporation Tax on the profits it generates, which currently sits at 19%.
Businesses pay Corporation Tax on trading profits, investments and chargeable gains (this is the selling of assets for more than they cost). Assets of a company are the property, land, equipment, machinery, and company shares.
The Chancellor Jeremy Hunt unveiled changes to Corporation Tax in the Autumn Statement in November 2022.
As from the 1 April 2023, the Corporation Tax rate will increase from 19% to 25% for companies with taxable profits of £250,000 or more. Companies with taxable profits at or below £50,000 will still be taxed at 19%, known as the small profit rate.
For companies with profits between these two amounts a system of marginal relief applies.
However, where the same group of people control more than one company these limits may be reduced. For example, if an individual owns two companies and there is a commercial connection between them each company will pay tax at 25% of its taxable profits exceed £125,000
Companies can claim Marginal Relief if their taxable profits are between £50,000 and £250,000.
Marginal Relief provides a gradual increase in the Corporation Tax rate between the small profits rate and the main rate.
HMRC has launched an online service to help companies calculate their rate of Marginal Relief.
Before using the service, you need to know:
A business should register with HMRC when they set up as a Limited Company and within three months of starting to trade.
The deadline differs from other taxes and depends on the company’s accounting period.
Generally, companies must:
Head officeParagon51 Homer RoadSolihullWest MidlandsB91 3QJ
Paragon Bank PLC is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. Registered in England number 05390593. Registered office 51 Homer Road, Solihull, West Midlands B91 3QJ. Paragon Bank PLC is registered on the Financial Services Register under the firm reference number 604551