Sole traders have been left in the dark over their future tax charges,
advisers have claimed, because the
failed to clarify its plans for small business taxation.
The pre-Budget report left the door ajar for yet another shake-up in the
taxation of small business.
In the PBR the Treasury said it remained ‘concerned’ about the tax
incorporation of the self-employed and added that it would ‘continue to review’
how the system could be improved.
Mike Truman from Lexis Nexis, the publisher of the tax guide, told
the FT that
the continuing review of small company taxation was causing uncertainty for
owners, who were unsure if they should trade as companies or sole traders.
traders can still save £4,000 a year on their tax bills despite
efforts to crack down in this area. By taking undue advantage of tax incentives
individuals can save by trading through a company and paying out the profit as
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MTD represents 'the single most significant change to the UK’s system of taxation in recent times', says Knill James partner Nick Rawson. So, how prepared are SMEs for digital tax reporting?
The firm says that the U-turn 'does not alter the need for a fundamental review of the way we tax work' and that the current tax system is in need of reform
Legislation on the NICs changes to be brought forward in the autumn following publication of 'the full effects of the changes to Class 2 and Class 4' in the summer