Tax Rates & Allowances
Back to Tax Rates & Allowances
The corporation tax rates for small and large companies was aligned at 20% from April 2015. This removed the need for the associated companies rule and the marginal rate of corporation tax was also abolished. The rates for the three financial to 31 March 2022 are as follows:
|Year beginning 1 April:
|Corporate Tax Rate
Research and Development (R&D)
Small and medium (SME) companies can claim enhanced deductions for expenditure on R&D projects at 230% of qualifying expenditure. Where the deduction is claimed and the company makes a loss, it can claim a cash credit from HMRC of 14.5% of that loss.
Research and Development Expenditure Credit (RDEC) scheme
Large companies can claim an 13% uplift on the following qualifying expenditure:
- Staffing costs
- Expenditure on externally provided workers
- Software and materials
- Contributions to independent research
- Subcontractors of qualifying bodies and individuals/partnerships
RDEC differs from the previous R&D scheme for large companies as it is an 'above the line' tax credit and can be accounted for in the profit/loss statement.
Around 53 enterprise zones have been formed around the country to encourage investment and job formation. Businesses in some of those zones can claim 100% capital allowances on the equipment they use within the zone. The period for which those 100% allowance are available has been extended by three years to 31 March 2020.
Working with you
Whether you're starting from scratch or have been in business for years you'll benefit from working with Attenboroughs. We can show you how to take your business to the next level.
We work closely with our clients and act for a broad range of business....
Get in touch
Simple way to contact us. Just fill in a simple form.
Find out details about what we can do
Notice: Trying to get property of non-object in /home/ghatt3e/public_html/wp-content/plugins/ow-plugin/components/iris_notice.php on line 7
Notice: Undefined index: viewednotice in /home/ghatt3e/public_html/wp-content/plugins/ow-plugin/components/iris_notice.php on line 20
Coronavirus (COVID-19) update
As a valued member of our community, we appreciate the trust you place in us to make sure all your critical services continue.
We are committed to an evidence-led and common-sense approach to containing the coronavirus outbreak and mitigating its impact on employees, customers and our wider business operations.
Please be assured we are preparing for our services to continue as normal. We have business continuity plans in place to minimise the risk of infection and make sure we can continue to deliver a business-as-usual service to our customers should an infection occur at an office. These include implementing clear guidelines for employees, providing support and advice for anyone who needs to self-quarantine, and issuing guidance on following safe hygiene practices across the organisation.
You can find further information on Covid-19 below to keep you updated:
: Undefined index: viewednotice in /home/ghatt3e/public_html/wp-content/plugins/ow-plugin/components/iris_notice.php
on line 28