The corporation tax rate was set at 19% to 31 March 2023. From 1 April 2023 profits over £250k will be taxed at 25%, with profits under £50k being taxed at 19%, and profits between £50k-£250k being taxed at a marginal rate.
Income Tax
Personal allowance for 2023-24 is £12,570
Personal allowance for 2022-23 was £12,570
Capital Gains tax
Capital gains annual exemption for 2023/24 is £6,000 reducing from £12,300 in 2022/23
If selling a rental property with gains subject to capital gains tax, you must now declare this to HMRC within 60 days of selling the property.
Paying HMRC
HMRC have different accounts and ways to pay. The easiest way to get up to date information is to google 'pay HMRC for SA or CT etc), this will then provide the link and ifnormation to assist you further.
