- New research finds 7 in 10 SME owners feel they’re getting a raw deal on tax
- SME becomes liable for corporation tax when they change from being a sole trader to a limited company, yet many business owners struggling to calculate correct level of tax due
Ed Molyneux, CEO and co-founder of FreeAgent– who provide multi-award winning cloud accounting software for freelancers, micro-businesses and their accountants – said:
“The European Commission’s decision will be welcome news for freelancers and micro-businesses – many of whom feel that they are getting a raw deal when it comes to paying tax.”
“We recently carried out research that found seven in ten (71%) UK micro-business owners in the UK felt that larger businesses benefited more from the tax system than they did. Projected across the UK’s 5.2 million-strong micro-businesses sector, which accounts for 95% of all businesses, that equates to millions of self-employed people who view the tax system with a sense of injustice.”
“We know that corporation tax is often a stumbling block for micro-business owners to deal with, especially when they change from being a sole trader to a limited company. It can be a very confusing tax to understand and many of them have to work very hard to calculate the correct amount to pay – with the shadow of the tax man looming if they get things wrong.”
“I’m sure many micro-business owners will therefore be happy to see a major multinational company being made to pay their fair share.”
WANT TO BUILD A FINANCIAL EMPIRE?
Subscribe to the Global Banking & Finance Review Newsletter for FREE Get Access to Exclusive Reports to Save Time & Money
By using this form you agree with the storage and handling of your data by this website. We Will Not Spam, Rent, or Sell Your Information.