![]() Photo by The New York Public Library on Unsplash | The Autumn 2021 Budget is out and there's lots of information to look through. The basics of the information you need to see on Company and Business tax can be put into the following four bullet points for you to digest. |
- Annual Investment Allowance: extension of £1m level until 31 March 2023
- The new Super Deduction for brand new plant (not cars) continues through to March 2023 so you get 130% of the cost of the asset against taxable profits
- The planned corporation tax rise to 25% will take place from April 2023 with the existing lower rate in place for smaller companies – it’s worth noting that if you control a number of companies then this could alter the rate at which you pay
- Dividend tax will rise by 1.25% from 6th April 2022 for dividends over the £2,000 mark – assuming reserves are available, it might be worth looking at the timing of dividend extraction