small businesses and tax - Chancellor's announcement?

[Grace'sDad]

Don't know if anyone picked up on this but there was an announcement that small businesses will be able to pay their tax basically when they can. In effect - a tax holiday while times are tough.

I guess this applies to corporation tax, but does anyone know if it might also apply to the self employed and their income tax returns?!!

(as if.....:lol🙂

 

[Dan]

I heard a few theories about ways to help "small businesses" but I didn't know there had been an announcement. Grumpy will be the one I guess that could tell us a bit about this but I think he's away for a few days or something.

I'll go see if I can find some linkage on this for us.

 

[DHTiling]

Grumps is back...yesterday......but i think he will as wise as us....since it was only announced today.....

 

[Dan]

Explains something about the VAT cut. BBC NEWS | Politics | Darling unveils borrowing gamble

 

[Dan]

Is that the right announcement or what?

 

[DHTiling]

I got this as well.....

Exemption for foreign dividends for large and medium sized businesses confirmed, introduced in 2009. Small firms to get a temporary increase in threshold for empty property relief. Also struggling businesses able to spread their VAT, corporation tax and NI contribution payments over a longer timetable. Rise in small business profits tax delayed for 2009.

BBC NEWS | Politics | At-a-glance: Pre-Budget report

 

[DHTiling]

Is there some help for small businesses?
The planned increase in the small companies rate of corporation tax has been deferred, so the 2009 tax rate will be unchanged.
Credit worth £1bn to small firms will be offered by the government via a temporary Small Business Finance Scheme.
HM Revenue and Customs (HMRC) will allow firms facing difficulties to spread the payment of all their business taxes over a timetable they can afford, for as long as they need.
The Treasury confirmed to the BBC that this includes the self-employed.:hurray:

 

[Dan]

That's a much easier page to make sense of mate well done lol.