Planning dividends in 2023
Owners and directors of family businesses often take a small salary from the company and any extra funds as dividends.
Owners and directors of family businesses often take a small salary from the company and any extra funds as dividends.
Investment incentives to promote the establishment of new businesses and to encourage existing businesses to expand will go ahead.
When the current Prime Minister was Chancellor, he announced an increase in the main rate of corporation tax to 25% to apply to profits above £250,000 from 1 April 2023. Under the previous administration this decision was reversed but the 25% rate will now apply next year.
The new Chancellor Kwasi Kwarteng has decided to keep the main rate of corporation tax at 19% at all profit levels.
Many self-employed people will find January 2023 a tough month as it is predicted that domestic fuel bills will increase again and income tax payments will be due.
Making Tax Digital (MTD) is moving along at place, taking effect for income tax for many from April 2024. What else is on the horizon for business and what can you do to get ready for MTD?