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.
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story in The Evening Telegraph