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Company Tax

There are numerous developments in tax for small and medium sized companies to keep an eye on that came into play in April of this year. If you are in a position whereby you may be impacted by these, here are some further details on the developments.

Company tax rates

Remain at 19% for FY 2018 and 2019.

Will reduce to 17% from April 1st 2020

Corporation tax payments

For accounting periods commencing April 1st, 2019:

Companies with annual profits in excess of £20m now pay CT (Corporation Tax) four months earlier than other large companies.

For a 12-month period, payments will be made in months 3,6,9 and 12.

Currently companies with annual profits in excess of £1.5m make payments in months 7 and 10, with final payments made in month 1 and 4 of the following a/p.

Annual Tax on Enveloped Dwellings (ATED)

From April 1st, 2019, ATED charges to rise by an average of 2%, compared to 2.9% in the previous year. This will be based on the market value of properties on April 1st 2017, or cost price if acquired after this date.

Non-resident companies

From April 6th, 2019, Finance Act 2019 provides that:

Non-UK resident companies will move into corporation tax in respect of their disposals of UK property instead of CGT.

Non-UK resident companies will be taxed on all gains arising on all disposals of UK immoveable property (i.e. both residential and commercial).

Non-resident CGT will also apply to indirect disposals of interests in property rich entities – so where companies or other entities with 75% or more of gross assets are represented by UK land and property. For example, this could be shareholding in a property investment company or partnership.

If you would like to discuss any recent changes further, or have questions about any other tax changes, please don’t hesitate to get in touch.