MAIN CAPITAL AND OTHER ALLOWANCES Plant & machinery (P&M) 100% annual investment allowance (1st year) £1,000,000 P&M allowance for companies (1st year)* 100% Special rate P&M allowance for companies (1st year)* 50% P&M** 18% Patent rights and know-how** 25% Special rate P&M e.g. long-life assets and integral features of buildings** 6% Structures and buildings (straight line)† 3% Electric charge points 100% Motor cars CO2 emissions of g/km 0* 1–50 Over 50 Capital allowance 100% first year 18% pa** 6% pa** *New and unused only **Annual reducing balance †10% for freeports and investment zones in Great Britain Research and development (R&D) – capital expenditure 100% R&D expenditure credit – large companies 20% R&D revenue expenditure relief – small/medium-sized companies 186% Credit rate for surrenderable losses – small/medium-sized companies 10%†† ††14.5% if R&D intensity is 40% or above VALUE ADDED TAX Standard rate 20% Domestic fuel 5% Installation of energy saving materials (except Northern Ireland) 0% Registration level £85,000 Deregistration £83,000 Flat rate scheme turnover limit £150,000 Cash and annual accounting schemes turnover limit £1,350,000 MAIN DUE DATES FOR TAX PAYMENT Income Tax, NICs and Capital Gains Tax – Self-assessment 31 January in tax year Normally 50% of previous year’s income tax, Following 31 July (less tax deducted at source) and class 4 NICs Following 31 January Balance of income tax, class 4 NICs, CGT and all class 2 NICs Inheritance Tax on death: Normally 6 months after end of month of death Lifetime transfer 6 April–30 September: 30 April in following year Lifetime transfer 1 October–5 April: 6 months after end of month of transfer Capital Gains Tax – Residential UK Property Report and pay within 60 days of completion of conveyance of the property Corporation Tax – Self-assessment • Profits under £1,500,000: 9 months + 1 day after end of accounting period • Profits £1,500,000–£20,000,000: normally payable in 7th, 10th, 13th and 16th months after start of the accounting period • Growing companies: no instalments where profits are £10,000,000 or less and the company was not a large company for the previous year } © Copyright 15 March 2023 Subject to relevant legislation For information only Always seek professional advice before acting
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