Sunak targets small business owners for tax rises

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Owners of small companies could find themselves paying more than employed people as PM aims to clamp down on tax

November 4, 2022 6:00 pm

Small business owners will find themselves paying £5,000 more tax a year compared with someone who is employed should theSome six million people who pay their tax through a limited company will be impacted if this happens, many of whom are smaller businesses. It is suggested thata 1.25 point increase in dividend tax which, if happens, will likely be implemented at the same time as a planned increase in corporation tax next year.

Traditionally, owners of limited companies pay less tax as they do not pay income tax on their profits, but a . However, this will change as corporation tax is due to rise next year, from 19 to 25 per cent, and should dividend tax go up.

 

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HMRCVictim Nothing new here. HMRC hate self employed, small companies, dividends etc. And the payers get nothing for it.

ContractorCalc Just kill off the job creators RishiSunak

And not his extremely wealthy mates. We see him 10DowningStreet

Of course he is ExcludedUK offpayrolltax ir35 LoanChargeScandal

Having thrown Ltd companies under the covid bus this goverment will now hit them with higher taxes to help repay debt incurred supporting all those on furlough whilst company directors watched their savings and pensions deplete just trying to remain trading & retain staff

At least this would completely remove the purpose for IR35.

Again. If he wants any economic recovery, he needs to end his waronsmallbusineses and waroncontracting ExcludedUK ExcludedUnity

WEF protocol?

The anger I feel when reading this as the owner of a ltd company! The risk we were encouraged to take to create opportunity to now be effectively demonized by taking a chance!

They couldn’t give a fack , the end of small business is upon us

This will just be the final straw for many small businesses.

“The State can’t fix all your problems” says RishiSunak but he sure as hell can make it worse for 3+ million Excluded who now face further tax rises to pay for furlough and SEISS we never got. This sounds the death knell for SmallBusiness. OfficialEUA NeverRishi ToriesOut

Not people like themselves?

🙈🙈🙈, that is wrong! How about large corporations?

It'd be especially bad optics if they do. 'You're all going to have blackouts, so better go stand under the festive deccies on Oxford Street to read at night'

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