There have been a lot of worried business owners following the announcement around company tax rates increasing from 19% to 25% in 2023.
While this is a significant jump in company tax rates, this increase does not apply to all businesses. There are lots of complicated articles explaining how this will affect businesses but if you are looking for a quick, simple explanation, we have one for you!
Russell Silverman, the Director at Silver Consultants Ltd has been inundated with queries regarding whether the tax hike will affect their businesses.
He explains how the future company tax rate increases will impact different businesses:
From April 2023 a company pays tax at 19% if it makes £50,000 or less.
If the profit is £250,000 or more it pays 25%.
For each £1 profit between £50,000 and £250,000 you pay an extra 26.5 %.
If you have any more questions about the company tax rates in 2023 and how the changes will impact your business, Russell would be happy to discuss this in more detail.
You can call him on 07834 049316 or email: [email protected] or fill in your details in our contact form.