HM Treasury has issued a discussion paper in association with today's Pre-Budget looking at the issue of taxation of small business, especially where there is overlap between the corporate and personal tax regimes.
The paper may be of interest to smaller IFA firms operating as, say, partnerships, but also of interest to IFAs working with small business clients. Claiming small business creation is running at its highest level since the mid-1990s, the government says it is concerned to put in place a changed regime of taxation if necessary to ensure that people continue to take entrepreneurial chances. This is not least the case because of the massive job creation that comes with new business start-ups. According to Treasury figures as of 2003 there were some 4 million small businesses in the U...
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