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Tax warning to small businesses
10:04am Saturday 27th October 2012 in Business news
A TAX clampdown could have damaging consequences for small and medium enterprises, according to leading Yorkshire accountants Garbutt & Elliott, who have offices in York.
The Government clampdown follows the revelation that senior public sector workers, including civil servants and high-profile BBC employees, have been forming companies to minimise their tax liabilities. Legislation is planned in the next Budget to ensure senior public sector staff, as well as some private sector consultants, have income tax and National Insurance deducted at source.
But Nick Scull, senior tax partner at Garbutt & Elliott, has written to the Treasury to warn of the danger of extending this legislation to SMEs in the private sector, saying it will increase red tape and damage enterprise.