Small businesses in the UK paid a record high of £32.4 billion in corporation tax during 2015, data from Funding Options has revealed.
Figures from the online business finance supermarket revealed that businesses in the UK paid 8% more in corporation tax during 2014/15 compared to the year before.
UK businesses have been required to pay more in order to compensate for the reduced tax take from North Sea oil and gas.
Funding Options is calling for the Government to reduce the corporation tax rate for small and medium-sized enterprises (SMEs).
Conrad Ford, CEO of Funding Options, stated: ‘Reintroducing a lower corporation tax rate for small businesses would be a major and deserved boost to UK SMEs.
‘Small businesses in the UK benefitted from a lower rate of corporation tax for over 40 years until 2015. This was an effective way of helping small businesses to compete with larger rivals, and would be so again.
‘Small businesses are an engine of growth and new jobs – the Government should be doing all it can to foster a business culture that allows SMEs to thrive.’