According to tax experts in the United Kingdom, small firms could be facing large increases in their tax bills due to recent changes in government policy.
The increase will not be due to enhanced profits, but to the abolition of the married couple's allowance and to changes in the national insurance contributions system for self-employed and freelance workers and consultants, according to accountancy firms. Small businesses have been cautioned to submit 2001 tax returns as early as possible in order to be aware of 2002 liabilities for cash-flow planning purposes.
There has reportedly been a marked increase in tax queries received by UK accountancy firms over the past year, as small firms struggle to cope with the often far-reaching consequences of policy changes.
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