Since our new site and blog was launched, we have alongside our newsier articles posted features on the UK’s tax system. One example of this is our series of Taxing Terms posts. These aim to explain, in plain English, the vagaries of our tax system. For example, Corporation Tax and VAT. Terms that would otherwise be gobbledegook to non-accounting types.
As a spin-off from this, we have considered creating infographics based on the Taxing Terms pieces, though in a slightly more succinct form. For our first one, we have chosen Corporation Tax. With this week’s Autumn Statement fresh in our memories, Corporation Tax hasn’t been out of the news lately. Firstly, we have one side which favours lower rates. Then we have another side who are wondering why their tax credits are being cut.
We thought that talking about tax in a visual form would be as appealing as – or possibly more appealing than – a common and garden article. This week’s post gives you the first of many ‘…In A Nutshell’ infographics starting with Corporation Tax.
Corporation Tax was introduced by the then Chancellor of the Exchequer, James Callaghan on the 01 April 1965. Before then, companies were taxed at a similar rate to Income Tax. For Higher Rate Income Tax payers, there was also a Surtax on shareholders’ dividends. In the past, there has also been Small Profits Rates and a Rates Limit for qualification.
We shall let the graphics do the talking.
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As always, if you have any further queries on Corporation Tax or other issues of a taxation variety, drop us a line on 0114 240 2392, or send us an email to email@example.com. We’ll be delighted to help you.