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Corporation Tax Rates for 2022/2023
BILLY EDWARDS
As a business owner in the UK, staying informed about corporation tax is crucial for your success. Corporation tax is a tax on the profits earned by your business and is an essential component of the UK’s tax system.
In this article, we’ll provide a comprehensive overview of the corporation tax rates for the 2022/2023 tax year, and share valuable information for business owners.
2022/23 Corporation Tax Rate in the UK: 19%
For the 2022/23 tax year, the standard corporation tax rate in the UK is 19%. This rate applies to all limited companies operating in the UK, with some exceptions for specific industries such as oil and gas.
How to Reduce Your Corporation Tax Liability
Corporation tax can be a significant expense for small businesses, especially those with limited profits. However, there are various tax planning strategies that can help reduce your tax liability.
At Edwards Bailey Chartered Accountants we can help determine the best tax planning strategies for you and your business.
Other Tax Requirements for UK Companies
In addition to the corporation tax, your business may also need to pay other taxes, including value-added tax (VAT) and payroll taxes. It’s essential to familiarize yourself with all the tax rules and requirements in the UK to ensure compliance and avoid penalties.
Conclusion: Stay Informed and Plan Ahead
In conclusion, the corporation tax rate in the UK for the 2022/23 tax year is 19%. As a business owner, it’s crucial to stay informed about the tax rules and regulations that apply to your company.
By taking advantage of tax planning strategies and working with a tax professional, you can minimize your overall tax burden and ensure the success and sustainability of your business.
If you require any assistance with your company’s corporation tax please contact us for a free no obligation consultation.
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