The changes have not eliminated the tax advantages which can be achieved by incorporating a small business. This is shown in the Incorporation case study.
It is all to easy to focus exclusively on the potential annual tax savings available by operating as a company. However, other tax issues such as capital gains, stamp duty land tax and capital allowances for example can be equally, and in some cases more, significant and should not be underestimated.
Non-tax factors such as the costs of running a company and the annual compliance requirements are also significant and may affect any decision on choice of business medium.
Having said all of this, the figures suggest that the new regime will not serve to make incorporation unattractive except perhaps for very small businesses with profit levels of say £10,000. Some smaller businesses that have already incorporated may wish to reverse the process and disincorporate. There are a number of issues to consider with this course of action - commercial and legal as well as tax. In particular there are no specific tax reliefs to aid disincorporation.