Blog > Important update to VT Accounts for users requiring new corpoation tax rates and marginal relief
The tax computation in VT Accounts workbooks has been updated to reflect the new main rate of corporation tax of 25%, the small profits rate of 19% and calculation of marginal relief. The iXBRL corporation tax taxonomy has been updated to the 2023 version.
This is effective from the tax year commencing 1 April 2023.
Please note: The update applies to new accounts workbooks generated after the update has been installed. If you are using an accounts workbook created in a version of VT before October 2023 (the date can be found in the Check List tab of the workbook), please create a new workbook and use the VT Final Accounts > Edit > Copy Accounts Data command to copy the data from the older workbook, and the VT Final Accounts > Edit > Paste Accounts Data command to paste the data to the new workbook.
Versions of VT Final Accounts since October 2023 have the new rate and marginal relief. The latest version can be downloaded from the VT Accounts download page.
