As was widely reported at the time, a few years ago the Treasury introduced a 0% tax rate for the first £10,000 of company profits. Now the 0% and small company tax rates are being abolished – 19% will be the lowest available in the future. This will obviously have an impact on those with small businesses and "side line" income e.g. from consultancy work, who would otherwise have considered incorporating to take advantage of this relief.
VAT – there will be a new flat rate scheme available to businesses with a turnover of up to £1.35 million.
Finally, the Government is continuing to review the fairness of tax rates overall in the context of partnerships vs. limited companies. Watch this space for further details