Postponement of planned Corporation Tax reduction

20th November 2019

Boris Johnson has announced plans to postpone the cut in Corporation Tax to 17% (down from 19%) that was due to take effect from 1st April 2020 in order to save £6bn, stating that the money would be better spent on other ‘national priorities’,  including the NHS.

 

It is not clear when, or indeed IF, the reduction that had originally been announced back in March 2016 will now take place.



 
Other items in Blogs
 
Ian Piper
22nd September 2021 Net Zero Carbon: Does your business now need a plan?

From 1 October 2021, to be eligible to apply for public sector contracts over £5m pa, suppliers must have Net Zero Carbon Reduction Plans in place. These will be required to demonstrate a commitment to achieving Net Zero by 2050 in the UK:  Taking Account of Carbon Reduction Plans in the Procurement of Major Government…

Read More »

Steven Denton
15th September 2021 The Health & Social Care Levy

On the face of things perhaps no big deal, but in a society that has traditionally seen very small changes to the tax & NI system a 10% rise in one fell swoop is not one to be casually shrugged off.   Assuming current NI banding remains unchanged in the 2022-23 tax year, the budget…

Read More »

Millie Hunt
15th September 2021 Changes to the leisure & hospitality VAT rate

To encourage spending in the leisure & tourism sector, the VAT rate for certain supplies was cut from 20% to 5% in July 2020. From 1 October 2021, the VAT rate will rise again to 12.5% and this rate will be in place until 31 March 2022.   If your business operates in the leisure…

Read More »

Luke Bacon
14th September 2021 End of SDLT Holiday

Back in July 2020, The Government launched the so-called Stamp Duty Holiday for residential properties, as part of a strategy to give the UK property market a much-needed boost during the Covid 19 pandemic. Stamp Duty Land Tax (SDLT) is payable on purchases of UK property. The amount of consideration which is exempt from SDLT…

Read More »

Nick Edgley
9th September 2021 The new Health and Social Care Levy – increases to NIC and dividend tax

The new levy will increase all NIC rates by 1.25% from April 2022, this will affect employees, employers, self employed and the NIC paid on P11D benefits (such as company cars and private health care). The increase will apply to employed (include deemed employees) and self-employed individuals and partners earning above the class 1 primary…

Read More »

James Cater
6th September 2021 MTD: Eight out of Ten Cats

A recent publication has quoted a survey suggesting that 8 out of 10 plumbers are at risk of penalties when the impending Making Tax Digital rules are enforced.   Half this number is quoted as being unaware of the impending changes. Although the rules do not bite until April 2023 it is a brave tax…

Read More »