CORPORATION TAX
From 1st April 2023, the rate of corporation tax is increasing to 25% for companies with profits above £250,000. However, small companies with profits up lo £50,000 remain unaffected as the rate of corporation tax is set to remain at 19%. The rate of tax profits between £50,000 and £249,000 is set to be tapered, the effective rate of tax in this bracket is 26.5%.