Ask most accountants about the annual tax surcharge, and they will immediately grimace. It is, most argue, a tax apartheid that discriminates against professionals operating through companies. The corporate tax rate is the famed 12.5 per cent. However, for professionals operating through companies, the figure can reach 20 per cent.  And it is all thanks to the surcharge. It dates back to the mid-1990s when accountants were allowed to incorporate. The partners became directors and would be taxed on wages and undrawn profits would be taxed at 12.5 per cent. However, a number of firms built up huge undrawn profits,…

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