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Call for lower tax rate for SMEs


Moore Stephens has said the effective rate of corporation tax paid by SMEs - classed as businesses with a turnover of less than £25m - was 21.7% in 2016 - higher than firms with a turnover of more than £1bn, which paid an effective rate of just 20.1%. In 2010, SMEs paid a headline corporation tax rate of 21% compared to the main rate of 28%. Moore Stephens partner Mike Cooper said: “Recent tax rate reductions have clearly focused far more on encouraging larger businesses. Reintroducing a corporation tax discount for the SME sector would be timely to further encourage the dynamic enterprise culture the UK aspires to and support the much-needed drive for growth.”

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