Mastering the UK Corporate Tax Rate Changes: Real-World Applications 1 Credit
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In April 2023, the UK introduced a significant change in its corporation tax landscape, bringing both challenges and complexities for businesses and tax professionals. Unlike the simplicity of a single corporate tax rate, the new system introduces two potential rates – a 'small profits rate' at 19% and a 'main rate' at 25%. This marks the first time the UK has seen such a dual-rate system since 2014, accompanied by the intricate concept of 'marginal relief' for companies falling in between these rates.
Determining which rate applies to a specific company is no straightforward task. It involves more than just comparing taxable profits to specific thresholds. Companies must now calculate 'augmented profits,' and these thresholds themselves may shrink under certain circumstances, such as having a short accounting period or being linked to 'associated companies.'
The rules surrounding associated companies are notably intricate and have wide-ranging implications. Surprisingly, a company owned by a shareholder's spouse or another family member can be classified as 'associated,' consequently influencing the corporation tax rate that the company must pay. Failing to identify all potential associated companies can lead to costly consequences, including additional tax liabilities, penalties, and interest, as enforced by HMRC.
Another layer of complexity arises from the fact that the main rate and marginal relief thresholds are set at significantly lower levels than in previous years, bringing more companies and their advisors into the fold, requiring careful consideration and planning. Stay ahead of these complexities and understand the intricacies of the new UK corporation tax rules to ensure your business remains compliant and avoids unnecessary financial burdens.
In this webinar we’ll take a detailed look at how the new rates work, applying a practical slant to the relevant tax legislation and explaining all the terminology used. Topics covered will include:
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Emma’s focus is on emerging tax policy, and she works closely with HMRC and the Treasury. She also strongly believes in sharing her knowledge about and love of tax with others. Whether that’s members of the accounting and tax profession through articles and talks, or the general public through media work and school visits.
Emma has a main focus on business and employment taxes, and frequently contributes articles on topical tax issues to leading tax and accountancy publications. She has presented talks and webinars around the country, as well as appearing on BBC Radio 5Live and BBC News to discuss tax issues and providing oral evidence to committees of both the House of Lords and House of Commons.
Emma is a member of the Association of Taxation Technicians (ATT) and Chartered Institute of Taxation (CIOT), and a Fellow of the Institute of Chartered Accountants of England and Wales (ICAEW).
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