The latest Clay Shaw Butler Money Matters column from the Carmarthenshire Herald
The latest Clay Shaw Butler Money Matters column from the Carmarthenshire Herald. By Mark Jones, director of Carmarthen-based Clay Shaw Butler chartered accountants and business consultants. This week’s Money Matters column looks at the recent Budget and its implications for businesses. Corporation tax rates: The main rate of corporation tax is currently 20% and this rate will continue for the financial year beginning on 1 April 2016. The main rate of corporation tax will then be reduced as follows: 19% for the Financial Years beginning on 1 April 2017, 1 April 2018 and 1 April 2019 17% for the Financial Year beginning on 1 April 2020. Corporate tax loss relief: The government will introduce two reforms to corporate tax losses from April 2017. First, losses arising on or after 1 April 2017 will be useable, when carried forward, against profits from other income streams or other companies within a group. Second, from 1 April 2017, companies will only be able to use losses carrie