Member Since: 2nd Oct 2009
8th Jul 2015
More personal tax on extracted profit that's already been subject to CT. Changing EA criteria. More resources for HMRC.
Sounds like a multiple taxation attack on micros and SMEs, looks like an attack on micros and SMEs - is an attack on micros and SMEs. I bet HMRC will be concentrating on tackling avoidance on easy to intimidate micros and SMEs, not big business.
Even without proper detail to calculate outcomes it is obvious there will be significant numbers of very unhappy small business people paying a lot more tax on their extracted profit in future. Once they realise what the implications are they are not going to be happy with this so called business friendly Government. Friendly to big business, not to small. Massive shot in the foot. Basic rate business owners - ie most of them won't easily forget if annual tax bills suddenly jump by £1500-2000