This is no #Aprilfool – 1 April 2011 #Tax changes
Corporation Tax: the main rate of Corporation Tax will fall from 28 to 27 per cent, and the Small Profits Rate from 21 to 20 per cent, for the financial year beginning 1 April 2011.
Payment of Corporation Tax: from 1 April 2011, Corporation Tax and any related payments must be paid electronically for any accounting period. Related payments include interest charged on overdue Corporation Tax and penalties for not filing your Company Tax Return on time. From the same date, Company Tax Returns – including supporting documentation – must be submitted online for any accounting period ending after 31 March 2010.
Industry-specific taxes: on 1 April 2011, the rates of Landfill Tax, Aggregate Levy and Climate Change Levy will increase.
Stamp Duty Land Tax: a new rate of 5 per cent will be introduced for residential properties sold for more than £1 million.
If you require assistance with any of the above, please contact us on 020 7330 0000