Tax-efficient profit extraction

Tax-efficient profit extraction

As previously announced by the government, increased NIC started to apply on 6 April 2022. The rate of employer’s NIC above the ‘secondary threshold’ (currently £9,100 per annum) is now 15.05%, up by 1.25% from the previous 13.8%. Below the secondary threshold, the...
Planning for increases in corporation tax rates

Planning for increases in corporation tax rates

Currently the rate of corporation tax is a flat 19% of taxable profits. As part of the government’s plan to recover financially from COVID, from 1 April 2023 the rate of corporation tax will increase to 25% for companies with taxable profits of over £250,000 per...
The Chancellor’s Spring Statement 2022

The Chancellor’s Spring Statement 2022

Download our Spring Statement Summary Report here Harold Sharp’s Summary Report provides a full round-up of the announcements that might impact you and your business. Below we provide our initial reflections on the Statement. In this year’s Spring Statement, the...