Corporation Tax

Written By Nicky Parker
YEAR TO31.3.202431.3.2023
Main rate (all profits)N/A19%
Main rate (profits above £250,000)25%N/A
Small profits rate (profits up to £50,000)19%N/A
Marginal relief band (MRB)£50k-£250kN/A
Fraction in MRB (effective marginal rate)3/200 (26.5%)N/A
RESEARCH AND DEVELOPMENT RELIEF31.3.202431.3.2023
SME enhanced expediture deduction scheme*86%130%
Large company R&D Expenditure Credit (RDEC) scheme**20%13%

*Additional deduction for qualifying R&D.

**Taxable expenditure credit for qualifying R&D.

SMEs that make losses can surrender any R&D loss to HMRC in exchange for a payment of 10% (year to 31.3.23: 14.5%) of the loss (capped at £20,000 plus 3 x PAYE & NIC).

Qualifying loss-making companies where R&D expenditure constitutes at least 40% of total expenditure are able to claim a payable credit rate of 14.5% from 1 April 2023.

Nicky Parker

Hi

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