business & tax

Corporation Tax - Paid By Limited Companies On Their Profits

Corporation Tax News - 21% to 22% ‘Small Companies’ Corporation tax increase postponed until 1 April 2011

50% Bank Payroll Tax WEF 9 December 2010 - Where Banks and Building Societies pay bonus greater than £25,000.  Additional Bank Payroll Tax paid on excess over £25,000. Cannot be offset against expenses. Meaning a real tax rate of 78% 

Tax Year 2010/2011 - Rates Effective 1 April 2010

Rates of Tax for Companies With Financial Year End to 31 March 2011

• Small Companies Rate - Profits are £1 - £300,000 = 21%
• Marginal Rate - Profits are between £300,001 and £1,500,000 = 29.75%
• Main Rate - Where profits exceed £1,500,000 28%

Tax Year 2009/2010 - Rates Effective 1 April 2009

Rates of Tax for Companies With Financial Year End to 31 March 2010

• Small Companies Rate - Profits are £1 - £300,000 = 21%
• Marginal Rate - Profits are between £300,001 and £1,500,000 = 29.75%
• Main Rate - Where profits exceed £1,500,000 28%
  

Tax Year 2008/2009 - Rates Effective 1 April 2008

Rates of Tax for Companies With Financial Year End to 31 March 2009

• Small Companies Rate - Profits are £1 - £300,000 = 21%
• Marginal Rate - Profits are between £300,001 and £1,500,000 = 29.75%
• Main Rate - Where profits exceed £1,500,000 28%
  

Tax Year 2007/2008 - Rates Effective 1 April 2007

Rates of Tax for Companies With Financial Year End to 31 March 2008

• Small Companies Rate - Profits are £1 - £300,000 = 20%
• Marginal Rate - Profits are between £300,001 and £1,500,000 = 32.5%
• Main Rate - Wwhere profits exceed £1,500,000  30%