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2021: how was it for SMEs?

Speed read
Having seen significant tax increases in the March Budget, especially in the effective rate of tax on distributed corporate profits, owners of SMEs may regard themselves as having ‘dodged a bullet’ with no CGT or pension tax changes in the Autumn Budget: but for how long? Abolition of basis periods for unincorporated businesses brings an accelerated tax charge for some and adds to the compliance burden for the few businesses unwilling or unable to change accounting date. Meanwhile there is the usual mix of the welcome and the unwelcome in the year’s crop of court and tribunal decisions.

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