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Monday
May312010

Corporation Tax Could Soon be Lower for Small BusinessesCorporation Tax Could Soon be Lower for Smal

We find ourselves in an interesting position now with regard to the new government.  For the first time in around seventy years we have a coalition agreement in place between two parties, which effectively forced Labour out of power for the first time in thirteen years.

We have to wait until the 22nd June to find out what is in the new government’s emergency Budget, but there is every possibility that Corporation Tax could be reduced.  The main rate of this tax could go down by 3p, although once again we won’t know for sure until the Budget is announced.

Another possibility I have read about is the idea of reducing the amount of tax paid by small businesses to 20%.  This will be gratefully received by many different businesses no doubt, so I will be interested to see what actually comes out in the Budget in around a month’s time.

Other taxes may also be changed, but any changes to Corporation Tax will certainly be watched closely by business owners.  I wonder also whether the Conservatives will start to make life easier for business owners by reducing all the red tape that goes along with paying taxes and other aspects of business.  Since it was a big issue for them before the election, I would hope that the coalition will see it become a reality.

We have some weeks to go before we find out what is in the emergency Budget.  But until then if you have any questions or concerns about Corporation Tax within your own business, don’t hesitate to contact us here at St Matthew for advice and input.  It could make all the difference to your business, even before the Budget is announced.

 



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