6th September 2016
Businesses paid a record £32 billion in corporation tax last year, up 8% on the £30 billion paid the previous year, according to Funding Options.
Figures from HMRC show that corporation tax receipts have increased every year over a 6 year period.
The record figure excludes firms in financial services and the oil and gas industry.
- corporation tax revenue from North Sea oil companies fell from £10.2 billion in 2008/09 to £2.5 billion in 2015, the lowest since early 2000s
- the size of the annual investment allowance is currently £200,000 per business per year, down from £500,000 in 2015.
The main rate of corporation tax has already been cut from 28% to 20% and is due to cut again to 17% in 2020.
Conrad Ford, CEO of Funding Options, said:
“With the corporation tax take now at record levels the government can now afford to ease the tax burden on small business.”
“Another option for helping SMEs would be to increase the Annual Investment Allowance encouraging small businesses to invest in new equipment or upgrades on their existing capacity.”
Talk to us today about your business’ tax liability.