Corporation tax rates

Year from 1 April	2023	2022
Main rate	25%	19%
Small profits rate	19%	–
Small profits rate where profits don’t exceed:	£50,000	–
Marginal relief lower limit	£50,000	–
Marginal relief upper limit	£250,000	–
Standard fraction	3/200	–

Example:

Accounting period 1 April 2023 to 31 March 2024

Company’s profit £100,000

Corporation Tax liability

£22,750

Reduced from £25,000 after £2,250 Marginal Relief

Corporation Tax liability before Marginal Relief	£25,000.00
Marginal Relief	-£2,250.00
Corporation Tax liability after Marginal Relief	£22,750.00

How it’s calculated Marginal Relief for your accounting period

For financial year 2023 to 2024 (366 days)

No header	Calculation variables	Calculation	Result
Step 1	Adjusted upper limit	£250,000 upper limit × (366 days ÷ 366 days) ÷ (0 associated companies + 1 original company)	£250,000
Step 2	Taxable profit	£100,000 × (366 days ÷ 366 days)	£100,000
Step 3	Taxable profit including distributions	(£100,000 + £0) × (366 days ÷ 366 days)	£100,000
Step 4	Marginal Relief fraction	The set fraction used by HMRC to provide a gradual increase in rate	3 ÷ 200
Step 5	Full calculation	(£250,000 – £100,000) × (£100,000 ÷ £100,000) × (3 ÷ 200)	£2,250

A Personal Tax Account is a safe and secure online system for you to check, update and manage your details with HMRC, anytime. It brings together all your tax information in one place, giving you a quicker and easier way to update HMRC instead of having to call or write.

Use your personal tax account to check your records and manage your details with HM Revenue and Customs (HMRC).

You can:

• check your Income Tax estimate and tax code
• fill in, send and view a personal tax return
• claim a tax refund
• check your income from work in the previous 5 years
• check how much Income Tax you paid in the previous 5 years
• check and manage your tax credits
• check your State Pension
• track tax forms that you’ve submitted online
• check or update your Marriage Allowance
• tell HMRC about a change of name or address
• check or update benefits you get from work, for example company car details and medical insurance
• find your National Insurance number

https://www.gov.uk/personal-tax-account

Dear Clients,
We are pleased to announce that our company belongs to an association of accountants known and respected in the international arena.

The Institute of Financial Accountants (IFA) is an internationally recognised professional accountancy membership body. We are a full member of the International Federation of Accountants (IFAC) the global accounting standard-setter and regulator.

The IFA is part of the Institute of Public Accountants (IPA) of Australia Group, the world’s largest SME-focused accountancy group, with more than 40,000 members and students in over 80 countries.

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Dear Clients,I would like to inform you that Pro Accounting Office is closed from 23/12/2020 to 03/01/2021.We are happy to inform you that all of your emails will be answered once we are back on 04/01/2021

A new job support scheme will open on 01 November 2020 , replacing the current Coronovarius Job Retention Scheme (known as furlough ). The scheme will run for 6 months, until April 2021.

The Job Support Scheme is designed to protect viable jobs in businesses who are facing lower demand over the winter months due to Covid-19, to help keep their employees attached to the workforce.
The Government will pay a third of hours not worked (max 697.92 GBP), with the employer also contributing a third. This will ensure employees earn a minimum of 77% of their normal wages

 The grant will not cover Class 1 employer NICs or pension contributions.

Please see the below picture showing how it will work:

Eligibility: 

– Employees must be on an employer’s PAYE payroll on or before 23 September 2020. This means a Real Time Information (RTI) submission notifying payment to that employee to HMRC must have been made on or before 23 September 2020,

-employee must work at least 33% of their usual hours.

You will need to confirm hours worked by your employee before processing November payroll at the beginning of December. 

Any question please let us know 😉

I would like to inform you that Pro Accounting Office is closed from 10/04/2020 to 13/04/2020. We are happy to inform you that all of your emails will be answered once we are back on 14/04/2020 😉

The Government announced that the reform IR35 will be delayed for one year from 6 April 2020 until 6 April 2021.

This is part of additional support for businesses and individuals to deal with the economic impacts of Covid-19. 

This announcement is a deferral of the introduction of the reforms and not a cancellation. The Government remains committed to introducing this policy.

Read more about IR35 at:

https://www.gov.uk/guidance/understanding-off-payroll-working-ir35

If you have symptoms of coronavirus infection (COVID-19), however mild, stay at home and do not leave your house for 7 days from when your symptoms started.

If you live with others and you are the first in the household to have symptoms of coronavirus, then you must stay at home for 7 days, but all other household members who remain well must stay at home and not leave the house for 14 days. The 14-day period starts from the day when the first person in the house became ill – HMRC says

Government has set out a package of services to help people and businesses to del with disruption caused by COVID-19:

• a Coronavirus Job Retention Scheme
• deferring Income Tax payments
• Vat payment that was due between 20 March 2020 and the end of June you have the option to defer that payment. The payment must be made before 31 March 2021
• a Statutory Sick Pay relief package for small and medium-sized businesses (SMEs)
• a 12-month business rates holiday for all retail, hospitality, leisure and nursery businesses in England
• small business grant funding of £10,000 for all business in receipt of small business rate relief or rural rate relief
• grant funding of £25,000 for retail, hospitality and leisure businesses with property with a rateable value between £15,001 and £51,000
• the Coronavirus Business Interruption Loan Scheme offering loans of up to £5 million for SMEs through the British Business Bank
• a new lending facility from the Bank of England to help support liquidity among larger firms, helping them bridge coronavirus disruption to their cash flows through loans
• the HMRC Time To Pay Scheme

Read more at the link:

https://www.gov.uk/government/publications/guidance-to-employers-and-businesses-about-covid-19/covid-19-support-for-businesses

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Dear Clients. I would like to inform you that Pro Accounting Office is closed from 24/12/2019 to 05/01/2020. We are happy to inform you that all of your emails will be answered once we are back on 06/01/2020.

Drodzy Klienci. Serdecznie informujemy że biuro Pro Accounting Office będzie zamknięte od 24/12/2019-05/01/2020. Na wszystkie e-maile odpowiemy 6 stycznia.

We are excited to announce that our team has moved to a new location in Birmingham !

Our new address: Hastingwood Industrial Park Wood Lane, Erdington, B24 9QR Birmingham

If you need any accounting services please do not hesitate to contact us !

Czy wiesz że w roku 2019 przed nami jeszcze 7 dni wolnych ustawowo od pracy z ang. Bank Holiday ?

Zobacz kiedy:

19 April	Friday	Good Friday
22 April	Monday	Easter Monday
6 May	Monday	Early May bank holiday
27 May	Monday	Spring bank holiday
26 August	Monday	Summer bank holiday
25 December	Wednesday	Christmas Day
26 December	Thursday	Boxing Day