There are plenty of misconceptions around ‘reducing’ corporation tax. Not to be confused with ‘evading’ tax, reducing tax is perfectly legal and even encouraged.
The Treasury has today responded to the Office of Tax Simplification’s (OTS) major new report, simplifying tax for smaller businesses.
MP’s are backing calls for changes to the current tax regime in a bid to halt the current decline in UK high streets and town centres and allow them to flourish in the future.
Although the government has stated that cuts in corporation tax will ultimately increase revenue, HMRC has argued that it could actually cost the public around £6.2 billion a year.