Small companies (<100 employees) pay no corporation tax on profits up to £100,000 after operating costs, including salaries and director dividends.
£100,000 to £200,000 15% tax
£200,000 25% tax.
Larger companies pay 15% tax up to £100,000 profit, 25% on anything above.
Sales Tax and Duty
VAT would be abolished and replaced with Sales Tax only applied at POS. Sales Tax at 10% will only be applied to alcoholic drinks (pubs and licensed restaurants exempt), vehicles in excess of £20,000 (excluding commercial) and home improvements (kitchens, bathrooms, conservatories, fitted bedroom or study, extensions etc.) in excess of £1,000 per item or £25,000 overall including materials and labour. Generally, beyond those any single item costing in excess of £1,000 would be subject to Sales TAX (unless currently exempted). Items which would generally be grouped together such as a dining table and chairs, or a lounge sofa and matching chairs, conservatory furniture or patio set would count as one item. Household maintenance and repair including parts and labour would be exempted, as would vehicle repairs. Other items that could attract Sales Tax would be boat mooring fees in excess of £1,000 per annum, hotel accommodation in excess of £250 per night, new properties in excess of £1,000,000 (regionally modified?), first class and business class travel, and holidays in excess of £1,000 per person.
Duty and sales Tax remains on cigarettes, alcohol (except in pubs, duty free shops and licensed restaurants) and fossil fuels (assuming non-fossil free energy alternative is available).
All duty and Tax abolished on fuel for hauliers, farmers (and similar), couriers, public transport, postal services, tradesmen, some public sector owned vehicles, charity vehicles, military and emergency services. This policy would be re-assessed if viable alternatives become available.
Existing council tax would be abolished, and all services currently offered by councils would be purchased as required via free market tender. Councils would be therefore vastly reduced in size and cost and the services they did offer would be open to a competitive free market. Similarly business rates would be scrapped, and businesses would purchase the services they need on the free