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. Our review of Chancellor Philip Hammond’s first (and last) Autumn Statement moves from personal taxation changes to business taxation matters this week. Here are some of the key areas relevant to business - Corporation tax rates: Corporation tax rates have already been enacted for periods up to 31 March 2021. The main rate of corporation tax is currently 20%. The rate 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: Currently, a company is restricted in the type of profit which can be relieved by a loss if the loss is brought forward from an earlier accounting period. For example, a trading loss carried forward can only relieve future profits