On 1 April 2023, the main Corporation Tax (CT) rate was increased from 19% to 25%. A small profits rate of 19% was introduced for companies with profits below £50,000 (the lower limit).
Marginal relief was brought in for companies whose profits fall between the lower limit and £250,000 (the upper limit).
For some companies the lower and upper limits will be much lower, and certain companies will be entirely excluded from the small profits rate and marginal relief.
Corporation Tax small profits rate
NEW – Penalties for late payments of VAT
If your payment is more than 15 days overdue, first and second late payment penalties apply.
https://www.gov.uk/guidance/how-late-payment-penalties-work-if-you-pay-vat-late
NEW – Penalty “points” and penalties if you submit your VAT Return late
From 1 January 2023, you’ll get penalty points if you submit a VAT Return late (including nil returns) https://www.gov.uk/guidance/penalty-points-and-penalties-if-you-submit-your-vat-return-late
National Minimum Wage
Hourly rates for National Minimum Wage and National Living Wage rates increased on 1st April 2022.
New rates can be found at can be found at
www.gov.uk/national-minimum-wage-rates
How to setup Government Gateway account
The video below shows step by step how to setup the government gateway account to give access to your tax records online