UK Business Alert: Essential Guide to Companies House and HMRC Joint Fil...

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Understanding Current Corporation Tax Rates and Marginal Relief in the UK

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Listen to the MA & CO Podcast Introduction Corporation tax is a key part of running a business in the UK. It is important to know the current corporation tax rates and understand how marginal relief works. This can help you plan for your business expenses and ensure you are not paying more tax than needed. In this guide, we will explain the corporation tax rates and how marginal relief applies to businesses with different levels of profit. 1. Current Corporation Tax Rates (as of 2024) In the UK, corporation tax rates depend on how much profit your company makes. Here are the main rates for 2024: Small Profits Rate : If your company makes up to £50,000 in profits, you will pay 19% in corporation tax. Main Rate : If your company makes more than £250,000 in profits, you will pay 25% . Marginal Rate : If your profits are between £50,001 and £250,000 , you can get marginal relief , which means you pay a rate between 19% and 25% . Taxable Profits (£) Corporation Tax Rate Margin...
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Autumn Budget 2024 Policy Paper: Key Highlights, Impacts, and Analysis

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MA & CO Accountants Potcast Introduction The Autumn Budget 2024 was recently announced by the UK government. This budget is very important because it helps decide how money is spent on things like health , education , and public services . The budget is also designed to help people facing high living costs. Let’s explore what this means for everyone. The Autumn Budget focuses on three main areas: Helping with the cost of living . Supporting businesses and public services . Ensuring the government manages public spending and debt effectively. Fiscal Policy Highlights The government has several important fiscal policies to manage how money is spent: Public Spending Announcements : The government has promised to allocate more money to the NHS and schools . This means more doctors, shorter wait times at hospitals, and better facilities in schools. Debt Reduction Rules : New rules were established to reduce the amount the government owes, also known as national debt . This will h...
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📈 Everything You Need to Know About the Self-Assessment Tax Return Deadline

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Listen to the MA & CO Podcast The   self-assessment tax return deadline   is a critical date for millions of taxpayers in the UK. Missing this deadline could lead to fines, penalties, and unnecessary stress. With around 5.4 million people still needing to file their returns before the January 31 deadline, it’s important to understand the process, avoid mistakes, and stay informed about potential scams. This guide will explain everything you need to know in simple, clear language. 📅   Key Dates and Penalties 🔔   Important Deadlines January 31:   Deadline for submitting your self-assessment tax return online and paying any tax owed. April 30:   Late filing penalties increase if the return is still outstanding. 📉   Penalty Breakdown Timeframe Penalty 1 day late            £100 fixed fine (applies regardless of tax owed). After 3 months            £10/day for up to 90 days (£900 maximum). A...
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