If 99.7% of all businesses in London are SMEs and they are making profits, what is the problem with this?
Small businesses will have to cough up most of the estimated 64 per cent increase in London’s corporation tax bill in the next 10 years. This is according to research from chartered accountancy firm Perry’s, based on figures from both the Office of National Statistics and the City of London Corporation. It suggested that SMEs in the capital will have to pay out a predicted £18 billion of the total corporation tax bill by 2026. Currently, Perry’s said, 294,000 businesses pay the levy in London, and 99 per cent of that is paid by small and medium-sized enterprises.