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<p><strong>Spread Out Tax Payments</strong></p><p>HM Revenue & Customs will help firms "<em>spread their tax on a timetable they can afford</em>." All business taxes are covered by the plan and troubled businesses will have "<em>as long as they need</em>" to make their payments.</p><p><strong>Easier Access to Financing</strong></p><p>Under a deal with the European Investment Bank, £4bn will be pumped into banks with the purpose of making this money available to small and medium-sized businesses.</p><p><strong>Government Credit</strong></p><p>£1bn worth of credit will be offered to small businesses through a Small Business Finance Scheme.</p><p><strong>Export Credits</strong></p><p>To help small exporters, the Export Credit Guarantee Department will, starting in January, make available £1bn as working capital for these smaller exporters who have been hard hit by the financial downturn.</p><p><strong>Tax Breaks</strong></p><p>Small companies will not have to deal with a previously planned increase in their corporate tax rate. The planned increase has been deferred, meaning their tax rate will stay the same in 2009.</p><p><strong>Changes to Tax Repayments</strong></p><p>Up to £50,000 in a company's losses can be offset against profits earned over the past three years. Prior to this change, losses could only offset profits earned in the previous year.</p><p>Darling's report estimates that 75,000 businesses will be able to take advantage of this scheme and 90% of them will have "<em>their full current losses wiped out</em>."</p><p><strong>Dividends</strong></p><p>Medium and large-sized companies earning foreign dividends can expect an exemption in 2009 and Darling promises to "<em>improve our rules for taxing controlled foreign companies.</em>"</p><p><strong>VAT Cut</strong></p><p>As <a href="http://econsultancy.com/blog/3003-how-will-the-vat-cut-affect-e-commerce">already detailed</a> here on Econsultancy, the standard VAT rate was reduced to 15% on December 1, 2008.</p><p>For more information about all of the changes, be sure to visit the <a href="http://www.hmrc.gov.uk">HM Revenue & Customs</a> website, which contains the <a href="http://www.hmrc.gov.uk/pbr2008/index.htm">2008 Pre-Budget Report</a>.<br />
</p>
<span style="font-weight: bold;">Spread Out Tax Payments</span><br>
<br>
HM Revenue & Customs will help firms "<span style="font-style: italic;">spread their tax on a timetable they can afford</span>." All business taxes are covered by the plan and troubled businesses will have "<span style="font-style: italic;">as long as they need</span>" to make their payments.<br>
<br>
<span style="font-weight: bold;">Easier Access to Financing</span><br>
<br>
Under a deal with the European Investment Bank, £4bn will be pumped into banks with the purpose of making this money available to small and medium-sized businesses.<br>
<br>
<span style="font-weight: bold;">Government Credit</span><br>
<br>
£1bn worth of credit will be offered to small businesses through a Small Business Finance Scheme.<br>
<br>
<span style="font-weight: bold;">Export Credits</span><br>
<br>
To help small exporters, the Export Credit Guarantee Department will, starting in January, make available £1bn as working capital for these smaller exporters who have been hard hit by the financial downturn.<br>
<br><span style="font-weight: bold;">Tax Breaks</span><br><br>
Small companies will not have to deal with a previously planned increase in their corporate tax rate. The planned increase has been deferred, meaning their tax rate will stay the same in 2009.<br>
<br>
<span style="font-weight: bold;">Changes to Tax Repayments</span><br>
<br>
Up to £50,000 in a company's losses can be offset against profits earned over the past three years. Prior to this change, losses could only offset profits earned in the previous year.<br>
<br>
Darling's report estimates that 75,000 businesses will be able to take advantage of this scheme and 90% of them will have "<span style="font-style: italic;">their full current losses wiped out</span>."<br>
<br>
<span style="font-weight: bold;">Dividends</span><br>
<br>
Medium and large-sized companies earning foreign dividends can expect an exemption in 2009 and Darling promises to "<span style="font-style: italic;">improve our rules for taxing controlled foreign companies.</span>"<br>
<br>
<span style="font-weight: bold;">VAT Cut</span><br>
<br>
As <a href="http://econsultancy.com/blog/3003-how-will-the-vat-cut-affect-e-commerce">already detailed</a> here on Econsultancy, the standard VAT rate was reduced to 15% on December 1, 2008.<br>
<br>
For more information about all of the changes, be sure to visit the <a href="http://www.hmrc.gov.uk">HM Revenue & Customs</a> website, which contains the <a href="http://www.hmrc.gov.uk/pbr2008/index.htm">2008 Pre-Budget Report</a>.<br>
2008-12-14T01:27:54+00:00
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<p><strong>In British finance minister Alistair Darling's pre-budget report to parliament last month, a plan was laid out to help businesses in the UK.</strong></p><p>Here are some of the changes that are being implemented that may impact you.<br /></p>
<span style="font-weight: bold;">In British finance minister Alistair Darling's pre-budget report to parliament last month, a plan was laid out to help businesses in the UK.</span><br><br>Here are some of the changes that are being implemented that may impact you.<br>
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2008-12-17T08:45:00+00:00
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2009-04-28T23:19:54+01:00
2009-04-28T23:19:54+01:00
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