2013 Budget: Implications for Business Owners

This post outlines the latest implications for business owners as highlighted in yesterday’s budget.

Corporation tax (CT)

The small profits rate of CT will remain at 20% from April 2013. From April 2015 the main rate and small profits rate of CT will be unified at 20%. The main rate will fall from 24% to 23% in April 2013 and to 21% in April 2014. The rate of bank levy will increase to 0.142% from 1 January 2014 to offset the main rate reduction.

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