Corporation Tax

McMullens FY pre-tax profits rise 34.4% to £16.4m

Brewery and pub operator, McMullen’s, has reported that its profits before corporation tax jumped by 34.4% to £16.4m in the year to 28 September 2024, due to a strong performance in its retail division.  While the group has stated that, in nominal terms, its profit performance now exceeds pre-pandemic levels,…

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Big Mamma Holdings FY profits rise 10% to £44m

Big Mamma Holdings, a subsidiary of France-based Italian restaurants operated by Big Mamma Group, has reported that company turnover saw a 10% uplift, from £40m to £44m, in the year ended 31 December.  According to the group’s filings at Companies House, 2024 was the first year where all six restaurants…

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Chancellor resists calls for business relief in Spring Statement

Chancellor Rachel Reeves has resisted calls from businesses for relief ahead of the upcoming tax changes this April, as part of her Spring Statement today (26 March). UK businesses had been hopeful the chancellor would raise the relief rate for retail, hospitality, and leisure after cutting it to 40% in…

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Budget: Increases to employers’ NI and minimum wage

The Chancellor Rachel Reeves has increased Employers’ National Insurance contributions in a bid to help raise as much as £40bn in taxes, pledging to also boost long-term growth and “mark an end to short term-ism” as part of Labour’s first budget since it came into power. Employers’ National Insurance contributions…

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Chancellor cuts NI by a further 2p as part of Spring Budget

Chancellor Jeremy Hunt has announced a further 2p cut to National Insurance falling from 10% to 8% from 6 April, as part of his Spring Budget for “long-term growth”. The reduction in National Insurance is expected to save the average worker £450 a year, or £350 for those who are…

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Greggs profits jump 14.2% to £63.7m in H1

Bakery retailer Greggs has revealed that its underlying profit before tax excluding exceptional items increased 14.2% to £63.7m in the 26 weeks ended 1 July.  This comes as the group’s total first-half sales increased 21.5%, with company-managed shops experiencing a like-for-like increase of 16%.  Meanwhile, an underlying earnings growth of…

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Spring Budget: Corporation tax to rise to 25%

Corporation tax is set to rise from 19% to 25% for firms with profits over £250,000, as part of a number of measures announced in chancellor Jeremy Hunt’s Spring Budget.  To help offset the corporation tax rise, Hunt also announced a provision of £9bn of “full capital expensing” which for…

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Chancellor freezes tax thresholds in Autumn statement

Chancellor Jeremy Hunt has announced a raft of measures to help “stabilise” the UK economy and reduce inflation, with tax cuts and spending cuts totalling £55bn in the Autumn statement. As part of the new measures, Hunt confirmed that tax as a percentage of GDP will rise by over 1%…

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Chancellor announces sweeping tax cuts in first mini-budget

Chancellor Kwasi Kwarteng has today (23 September) announced a ream of tax cuts alongside a £60bn energy support package as part of the new government’s first mini-budget. Setting out his aims for economic growth, Kwarteng said that he wants the economy to increase by 2.5% annually in the medium-term, through…

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Industry calls on gov to scrap over-taxation of beer and pubs

Trade bodies representing UK brewers, publicans, and beer enthusiasts are calling on the Treasury to reexamine the tax burden currently facing the sector. In an open letter to the chancellor, consumer group ‘One Voice for Beer’ outlined its support for the government’s Alcohol Duty Review, but warned that further action…

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