12th MARCH 2008 BUDGET PROPOSALS
AND CHANGES FOR 2008/2009 previously announced
(Subject to details in the Finance Bill)
Ellis Atkins have taken all due care in the presentation of these notes. No responsibility for loss occasioned to any person or company acting or refraining from action as a result of any material in these notes can be accepted by Ellis Atkins, its partners or staff. Please contact us or your own professional advisor for advice specific to your circumstances.

5.1 The rates of Corporation Tax are as follows:

The small companies’ rate applies to profits up to £300,000 with marginal relief up to £1,500,000. The mainstream rate applies to profits over £1,500,000.

5.2 Companies are required to notify HMRC of commencement of trading within 3 months of starting to trade.

5.3 For accounting periods ending after 31st March 2008 the “enquiry window” for corporation tax returns will end 12 months after the filing of the return rather than the anniversary of the filing deadline.