Update!
New corporation tax rates are in effect from April 2023, and we at Parker & Co would like to share it to keep our clients informed.
Kindly refer to the table below, which outlines the corporation rates respective of the profits for businesses.
Companies that are classified as ‘associated’ should clearly specify that with Parker & Co due to separate tax laws in place for associated companies.
Is your business classified as an associated company? Here is how you know!
- If your company controls another company.
- If your company shares interest via corporate shareholders with another.
- If two or more companies are controlled by the same person or group of persons.
- If two or more companies are financially interdependent.
More details regarding the upper and lower profit limit for associated companies have been calculated below, with the maximum number of associations being N=5 and each limit divided by N+1, where N is the total number of associations.
For more details, kindly refer https://www.gov.uk/government/publications/corporation-tax-charge-and-rates-from-1-april-2022-and-small-profits-rate-and-marginal-relief-from-1-april-2023, https://www.taxinsider.co.uk/corporation-tax-changes-from-1-april-2023-plan-ahead .