IR591 budget latest = 19% tax on dividends
Today Gordon Brown revealed in his budget what 'paying a fair amount of tax' really meant.
In a nutshell, it means an extra 19% tax on distributed profits (i.e. dividends) for small businesses.
There was no talk of IR35 being abolished, which will still remain.
IR591 applies to small business NOT caught by IR35.
We will need to read the detail of the budget to find out precisely what a 'small business' is to see who it effects. But, you can be certain that it will affect all personal service companies.
As soon as we have precise facts, we will release a calculator for you to compare the before and after effect.