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info@merrantiaccounting.comKeep your company’s tax rate low Corporation tax rates have risen since 1 April 2023 There are some exceptions. For example, if you own an investment company. All its profits may be taxable at 25%, irrespective of the level of profits. These profit thresholds are reduced where there are ‘associated companies’ (broadly, companies under common
Read MoreRise in Interest Rates Last Week for the first time in more than 10 years, the Bank of England has raised interest rates. The official bank rate has been lifted from 0.25% to 0.5%, the first increase since July 2007 and according to Mark Carney, the Bank of England Governor, it is likely to
Read MoreA business should register for VAT if their ‘Taxable Supplies’ over the past 12 months have exceeded the VAT registration threshold. From April 2017, the VAT registration threshold has been £85,000. Therefore, if at the end of any month, the total value of all the taxable supplies over the previous 12 months is greater
Read MoreBuy to Let Interest Relief: Currently, this is just a ‘Policy Paper’ but the plan is to restrict individuals on claiming mortgage interest as a cost against their property investment income, for individuals it will work as follows: 2017/18 75% of the interest can be claimed in full and 25% will get relief at 20%
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