Corporation tax is scheduled to be reduced from 19 per cent to 17 per cent from 1 April 2020.
However, in a speech to the CBI on 18 November, Mr Johnson announced that, if elected, the Conservative Party would keep the rate at 19 per cent to provide an extra £6 billion for the NHS.
Despite Jeremy Corbyn telling the CBI that the Labour party is “not anti-business” the party have previously announced that they would reverse the recent cuts in corporation tax. Note that the rate of corporation tax was 28 per cent back in 2010 at the end of the last Labour government.
Whilst the tax environment remains convoluted and confrontational, our experts at Beavis Morgan understand the demands placed on businesses and we work at understanding you, your business and its unique issues, so as to provide the right advice and solutions to help you improve your net worth and increase growth and profitability.
Our diverse team of tax professionals are committed to ensuring that your tax reporting obligations are fully satisfied and that every opportunity to lawfully exploit tax savings is made known to you, restructuring your affairs in a tax effective and efficient way.
For more information, please contact your usual Beavis Morgan Partner.