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FRANCESCA LAGERBERG reports on the Tax Faculty's workshop to consider how the taxation of small businesses can be improved
KEY POINTS
- There is no easy answer as to how small businesses should be taxed
- Small businesses are swamped with regulatory burdens as well as tax changes
- Should all companies be taxed at the same rate regardless of size?
- The effect of tax credits
When it was announced in the Budget 2008 that the controversial income shifting rules were not to be implemented with effect from 6 April 2008 a collective sigh of relief could be heard across the tax profession.
Any provisions of this nature would in my view have been almost impossible to implement and administratively burdensome.
However the Budget announcement did not say that income shifting was being consigned to the tax dustbin of history. Instead it said that the proposals were being 'deferred' until next April.
Clearly the word...
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