What does it mean for people running small businesses?
While many low and middle income earners will gain, there are some issues to deal with for those who pay them. Chas Roy-Chowdhury, head of taxation at the Association of Chartered Accountants, said businesses systems and processes will have to be updated halfway through the tax year in September. “SMEs represent over 99% of UK businesses, and they will have to change their PAYE codes and tax systems,” he said.
