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Corporation Tax Receipts Soared by More Than 50/100 in March

As an accountant I recognise perhaps more than most how busy March can be.  This is because it is the end of the tax year and as such we have accounts to start tackling for those people who want to start things off nice and early.

But it is also a busy time for the Treasury, as recent reports have indicated.  The amount of tax collected as a whole during this month was up by nearly 4%.  But by far the most impressive figure came from the collection of Corporation Tax.

Here the amount collected by the government increased by more than 50% on the previous month.  This no doubt helped to swell government coffers for the end of the tax year, although the actual amount collected was not stated in the reports I read personally.

But while the amounts collected through Corporation Tax and other taxes were good news for the government (then still a Labour government of course), it did not help to dampen the worry over the amount of borrowing that had gone on.  The figure managed to break a record by hitting more than £163 billion in the last year.

There have been rumours about the amount of Corporation Tax that will be collected under the new government as well.  I have read reports which speculate on the fact there could be changes in store in this respect, so it will be interesting to see how they pan out.

If you would like to know more about where you stand with paying Corporation Tax for your business, contact us at St Matthew now to find out more.


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