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Corporation tax increase from April 2023

Corporation tax increase from April 2023

by VelocityAS | Apr 6, 2021 | Business, Corporation Tax, Tax

The main rate of corporation tax is due to increase to 25% for the financial year 2023, starting on 1 April 2023. However, companies with profits of £50,000 or less will continue to pay corporation tax at the current rate of 19%. Companies whose taxable profits fall...
New capital allowances super-deduction

New capital allowances super-deduction

by VelocityAS | Apr 6, 2021 | Accounting, capital allowance, Tax

Companies within the charge to corporation tax who invest in new plant and machinery in the two years from 1 April 2021 are able to benefit from two new first-year allowances, including a super-deduction of 130%. Details of the measure are set out in a policy paper...
Further grants available under the SEISS

Further grants available under the SEISS

by VelocityAS | Apr 6, 2021 | COVID-19, HMRC, income, SEISS, Self Assessment, Tax

The Self-Employment Income Support Scheme (SEISS) provides grant support to eligible self-employed taxpayers who have been adversely affected by the COVID-19 pandemic. A further two grants are to be paid under the scheme. In addition, the scheme has been expanded to...
CJRS extended until 30 September 2021

CJRS extended until 30 September 2021

by VelocityAS | Apr 6, 2021 | Budget 2021, Business, CJRS, COVID-19

The Coronavirus Job Retention Scheme (CJRS) has provided a lifeline for many employers and employees during the COVID-19 pandemic. The scheme was due to come to an end on 30 April 2021. However, at the time of the 2021 Budget, the Chancellor, Rishi Sunak, announced...
Thresholds and allowances frozen until April 2026

Thresholds and allowances frozen until April 2026

by VelocityAS | Apr 6, 2021 | Budget 2021, income, National Insurance, Tax

To help meet some of the costs of the COVID-19 pandemic, the Chancellor has opted to freeze various allowances and thresholds until April 2026, rather than increase the rates of income tax and capital gains tax. As incomes rise over the period, more people will pay...

Recent Posts

  • Corporation tax increase from April 2023
  • New capital allowances super-deduction
  • Further grants available under the SEISS
  • CJRS extended until 30 September 2021
  • Thresholds and allowances frozen until April 2026

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