Small Businesses

10 November 2004 / Francesca Lagerberg

Issue: 3983 / Categories: Comment & Analysis , IR35 , Companies

FRANCESCA LAGERBERG looks at small business issues.

Small And Sweet

PEOPLE WHO OPERATE small businesses might be in danger of developing a persecution complex. In recent years they have had to contemplate a barrage of tax changes none of which has appeared positive. Some owner-managed businesses may have escaped the impact of IR35 tried to self assess in the aftermath of the Inland Revenue's apparently new interpretation of the settlements legislation (in the April 2003 Tax Bulletin) and then been caught by the 19 per cent rate of corporation tax on dividends and other distributions in FA 2004.

Such businesses must be hoping for a bit of peace in the next round of finance changes which will start with the soon-to-be-announced Pre-Budget Report 2004. However we already know from the March 2004 Budget Red Book that small owner-managed businesses are not to be left alone to rue the shifting...

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