Lee Sharpe considers the effect of the health and social care levy on owner-managed businesses in light of the scheduled rise in corporation tax rates.
Owner-managed business (OMB) taxation is set for some quite significant changes over the next year or so, with the March 2021 Budget announcing changes to corporation tax from 1 April 2023, and the new health and social care levy (HSCL) planned from April 2022.
Looking at corporation tax first:
|
Profits £0 - £50,000 |
19.0% |
|
Profits £50,001 - £250,000 |
26.5% (marginal rate) |
|
Profits £250,000+ |
25.0% |
Note in
