A reduction in Corporation Tax planned for April next year has been postponed.
Prime Minister Boris Johnson announced the reduction scheduled for April 1, 2020 will now be put on hold.
The Corporation Tax main rate is currently set at 19%; with plans to drop it to 17%, however this will now remain at 19%.
Mr Johnson told business leaders the £6bn saved from this cut will go into public services instead.
Corporation Tax must be paid by the following businesses:
- Limited company
- Any foreign company with a UK branch or office
- A club, co-operative or other unincorporated association, e.g. a community group or sports club
For further information about Corporation Tax, or any other Tax matter contact Ellis & Co on 01244 343504.