“President Herbert Hoover returned his salary to government. His idea caught on and now we’re all doing it.” – Sam Ewing, US author.
This quote is fairly tongue-in-cheek but at its heart there is an undeniable truth that the rewards of working have been somewhat diminished by over zealous taxation.
Not only will your business get taxed on the income it generates, you’ll be taxed again on the salary you pay yourself and if you want to leave that money to someone after you have gone it will be taxed yet again as inheritance tax.
Small businesses also can’t help feel that they are getting the raw end of the deal when they see the world’s biggest companies spending millions every year on off-shore tax avoidance and legal loopholes that see them paying no tax at all.
The sooner that governments actually realise hard-working small and micro businesses are the backbone of the economy instead of just paying lip service to them, the better!