Corporation tax could be scrapped for smaller firms
The Office of Tax Simplification says corporation tax may be scrapped entirely for some small businesses in future. Chairwoman Angela Knight suggests that the shareholders of micro-businesses with up to ten employees could instead pay income tax on the profits of the business. The Mail on Sunday’s Simon Watkins welcomes the suggestion, arguing that small firms are already being swamped by regulations including the national minimum wage, the introduction of auto-enrolment pensions and the threat of quarterly tax reporting.
Source: The Mail on Sunday (06/03/2016)