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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