Corporation Tax Changes

The Chancellor has moved to discourage small businesses from incorporating for tax reasons by increasing the tax they will pay on profits up to £300,000, from 19% to 20% with effect from 1 April 2007. The small companies rate will further increase 21% in 2008 and to 22% in 2009.

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Expect more VAT delays
Revenue & Customs has warned that the VAT registration bottleneck is unlikely to ease before autumn. GST grows fastest
VAT and goods and services tax (GST) are two of the fastest growing taxes globally Capital Allowances
All change for Capital Allowances Corporation Tax Changes
The Chancellor has moved to discourage small businesses from incorporating for tax reasons