Corporation Tax

national living wage increase
UK Government

Chancellor’s March Budget could see Corporation Tax increase to pay for coronavirus deficit

Chancellor Rishi Sunak is said to be considering increasing corporation tax in the March Budget. Following the devastating impact from the coronavirus pandemic, the government now has an estimated £400bn deficit to pay off. The government has spent billions trying to support businesses and prevent job losses by introducing the Furlough Scheme and Business Support Grants.

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register for self-assessment

The process for claiming R&D relief will change from April 2021

From 1st April 2021, HMRC have confirmed that all companies will be required to complete a supplementary page when claiming for the following: Small and medium-sized enterprises (SME) Research and Development Relief SME Payable Tax Credit SME Research and Development Expenditure Credit The supplementary page (CT600L) will need to be completed when submitting the corporation

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Corporation Tax overpayments soar past £9bn in the last year

Over the last year (year end 31st March 2020) UK businesses overpaid at least a whopping £9.1 billion in corporation tax according to UHY Hacker Young . This figure has risen significantly from £8.1 billion the previous year. The figures come from the total amount refunded to businesses over HMRC’s tax year which spans 1st

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