A 25% corporation tax rate will apply to all of a company’s profits if they exceed £250,000 from 1 April 2023.
In the March Budget it was announced that the normal one year carry back for trading losses would be extended to three years. This means that many businesses that have made losses during the COVID-19 pandemic may be able to obtain a repayment of tax paid in that three-year period.
In the Budget on 3 March, the Chancellor announced a new 130% tax relief for expenditure on new plant and machinery incurred between 1 April 2021 and 31 March 2023.
In his Spring Budget 2021, Chancellor of the Exchequer Rishi Sunak announced a series of additional business support measures to help those businesses struggling as a result of the coronavirus pandemic and lockdown restrictions.
A restaurateur from Warwickshire has been banned for five years after he underreported the business’s takings to avoid paying the correct tax.
Rishi Sunak announced his Spring Budget on 3 March 2021, and it was more positive than many expected.