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Do micro-businesses need a separate, simpler tax system?
KEY POINTS
- Government acknowledges that small businesses are essential to the UK.
- Have recent tax developments really helped small businesses?
- Doubling the annual investment allowances and reducing the corporation tax main rate will have little effect.
- New rules on intermediaries and limited liability partnerships will be detrimental.
- Small businesses need a separate simpler tax system.
In December 2014 HMRC issued the PR document Supporting Small Business. In the introduction David Gauke the exchequer secretary to the Treasury and the person with day-to-day responsibility for the tax system wrote:
“Small businesses are essential to the UK economy. Nearly five million small businesses make up 99% of the private sector employ almost 60% of the private sector workforce and generate half of its turnover.”
The...
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