Okay I guess the title is a bit more ‘sexy’ (remember I am an accountant!) than the content will be, but I just wanted to remind everyone that the small companies tax rates have changed.
For all those with year ends up to and including 31 March 2007 the small companies tax rate is 19% (small companies rate is defined by taxable profits of up to £300,000), but after the 1 April 2007 it’s going up. Below are the new rates:
- 1 April 2007 to 31 March 2008 the rate will be 20%,
- From 1 April 2008 to 31 March 2009 it is 21%, and
- 1 April 2009 to 31 March 2010 we will have a 22% rate.
For those who need to change any of their fixed assets like vans, equipment etc this will obviously help reduce the impact of these increases in the small company tax rates.
And don’t forget, energy saving assets will attract a first year allowance of 100%, that’s right, all of the cost can be written off against tax!
For more on energy saving and what assets qualify for these generous allowances either visit the governments website or contact us.
| 3.2 |
Filter Comments
Filter by: is