UK SMEs paid a record 33B British Pounds in corporate tax in 2015

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SME’s in the UK paid a record £33B in corporation tax in the financial year 2015-2016.This figure excludes income from financial services providers & oil & gas companies.
An increase of 8% from £29B paid the year before, the additional tax is said to be compensating for the hugely reduced tax influx from the North Sea oil & gas companies, which dropped from £10.3B in the financial year 2008-2009 to merely £2.6B last financial year.

With corporation tax rates now at record highs, experts state that the government in the UK can now afford to ease the tax burden on smaller companies. Small businesses are a symbol of growth & new jobs: and every effort should be made to nurture an economic environment that allows small businesses to flourish.