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Corporation Tax Rates and Bands for UK companies 2008/09


UK Corporation tax rates and bands are as follows:

Financial Year to 31 March 2009 31 March 2008
Taxable profits    
First £300,000 21% 20%
Next £1,200,000 29.75% 32.5%
Over £1,500,000 28% 30%

Corporation Tax Saving Tips

Bringing forwarding planned expenditure

By bringing forward any planned expenditure in to the company’s current accounting period can result in that expense being eligible to reduce this year’s corporation tax liability. If the expense was delayed until after the company’s financial year end, it would not have an affect on the tax charge until next year.

Expenses which could be brought forward in this manner could include:

  • Bulk orders of stationery which occurs periodically.
  • Repairs and maintenance that needs to be carried out sometime in the future.
  • Payments of staff bonuses and other discretionary awards.
  • Expenditure on capital items such as furniture, computers and other items which will qualify for capital allowances.

The affect of the above should be considered after having due regard for the business’ cash position and its ability to finance these tax efficient initiatives.

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