TaxAdministrationSmall firms face £10m double tax slug

Small firms face £10m double tax slug

Struggling small businesses in Peterborough face an extra £10m tax bill in a double tax slug

Struggling Peterborough businesses have discovered they face an extra £10m
tax bill as chancellor Alistair Darling’s first
Budget
hits them with a double tax hike.

Owners of more than 10,400 small businesses are facing two tax increases in
just 12 months. The first tax slug will hit next month when the corporation tax
rate for small firms rises from 20% to 21%, The Evening Telegraph
reports.

After being burdened with an extra £5m, the Peterborough businesses have to
absorb a second strike just 12 months later when the corporation tax rate for
small firms will rise by another 1% to 22% – or another £5m – an average of £500
per company.

Jane Hill, partner in the Peterborough office of
Saffery Champness, who
calculated the figures on behalf of ET Business, said this was the worst it had
ever been for small firms.

‘Over the last few years small firms have received extra help but suddenly,
and in one fell swoop, it has all gone,’ she said.

Further reading:

Review of the year – 2007

Saffery Champness

Read
story in The Evening Telegraph

Related Articles

HMRC appeal rejected in Tottenham Hotspur case

Administration HMRC appeal rejected in Tottenham Hotspur case

2w Emma Smith, Managing Editor
HMRC issues updated Trusts Registration Service guidance

Administration HMRC issues updated Trusts Registration Service guidance

2w Emma Smith, Managing Editor
New trading allowance: simplicity, but not as we know it

Administration New trading allowance: simplicity, but not as we know it

2m Emma Rawson, ATT Technical Officer
‘Improve rather than lose’ disincorporation relief, tax body urges

Administration ‘Improve rather than lose’ disincorporation relief, tax body urges

2m Austin Clark, Reporter
Are you ready for the Trusts Registration Service?

Administration Are you ready for the Trusts Registration Service?

3m Helen Thornley, ATT Technical Officer
Advisers bullish despite Brexit concerns

Accounting Standards Advisers bullish despite Brexit concerns

1y Fraser Simpson, Reporter
Brexit: Five questions accountants should be asking

Accounting Firms Brexit: Five questions accountants should be asking

1y Fraser Simpson, Reporter
UK votes to leave EU – accountancy profession reacts

Accounting Firms UK votes to leave EU – accountancy profession reacts

1y Fraser Simpson, Reporter