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UK: Government U-turn on Corporation tax

In response to the market turmoil since the announcement of the Mini-Budget, the Prime Minister Liz Truss has sacked the Chancellor Kwasi Kwarteng and also announced today that the planned rise in Corporation tax to 25% from April 2023 (which was scrapped as part of the Mini-Budget) will now go ahead as previously planned.

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Just a reminder that any 2021/22 self assessment tax liabilities that are still outstanding should be paid to HMRC by this Thursday, 2 March to avoid late payment penalties equal to 5% of the outstand

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