TAX: Corporation tax update
20% rate for all companies from 1 April 2015
From 1 April 2015 the main corporation tax (CT) rate will drop by a further 1% to meet the current CT rate for companies with small profits, which stands at 20%. This will, give one unified rate of corporation tax. HMRC guidelines have been updated to reflect this.
Read more on corporation tax rates here.
Online filing for small companies
HMRC are also making improvements to their own online corporation tax filing system, which is available and free to use for unrepresented companies (i.e. those companies without an accountant).
From October 2014, micro companies, with income of less than £632,000, are able to file simplified accounts to both HMRC and Companies House using the HRMC online platform. The balance sheet assets must also be under £316,000.
Using an accountant is still advisable if you want to maximise tax relief though – going alone is really only an option for the smallest of small businesses and those with no other taxes to take into account; property, investments, pensions etc.
To find out more about corporation tax and how changes will affect your business, contact Figurit specialist tax advisors. We deal with corporation tax returns for over 100 doctors and dentists:
020 7376 9333