pre-budget report

Pre-Budget Report Comment

Commenting on the pre-Budget Edward Rimmer, Bibby Financial Services chief executive, UK & Ireland, said: “By not penalising businesses and extending the ‘Time to Pay’ scheme in what is possibly the most important pre-Budget for the Chancellor, Darling has offered UK firms a lifeline out of the recession. "But, as a V-shaped recession continues to look unlikely, it is imperative for the Government to take further measures in the 2010 Budget to ensure businesses are given the best chance of recovery. Darling needs to remedy the failure of the Credit Insurance scheme, which saw less than 0.5 per cent of the fund being utilised in 2009; continue deferrals on the payment of corporation tax, and amend caps on claim levels within the continued EFG in order for more bus... »

Pre-Budget Report

What does the Pre-Budget Report mean for small business?

Watch our live and interactive WebTV show for expert business advice on Alistair Darling’s Pre-Budget Report proposals. Show date: Thursday 10th December Show time: 12:15 Chancellor Alistair Darling’s Pre-Budget Report is one of the most important Pre-Budget Reports in living memory. Unlike the rest of the G20, the UK is the only country still stuck in recession after its economy contracted for the sixth straight quarter in November. With the projected fiscal deficits for 2009/10 and 2010/11 being revised upwards from £175bn, businesses are facing more attempts by the government to claw back cash. How will the new changes affect your business? From corporation tax, VAT and stamp duty, the green agenda and employee issues, there are a lot of adjustments that need to be mad... »

Budget 2009 Wishlist

Grant Thornton’s wish list for Budget 2009 from Francesa Lagerberg, Head of Tax, Grant Thornton With an election looming next year this has to be the make or break Budget for Chancellor, Alistair Darling. However, with public finances stretched to the limit, rescue packages to support the banking industry and the UK’s gross domestic product nose-diving, the Chancellor will require more than economic acumen to get the public finances back in order. The Chancellor has now conceded that he will have to revise his economic forecast for 2009-2010 alongside his forecasts for government borrowing and that his Pre-Budget Report (PBR) predictions were wrong. With the recession now in full kilter, Darling will be hard pushed to hand out any significant tax benefits. His focus is more lik... »

Tax

Struggling firms receive help paying tax bills

More than 20,000 small firms have used HM Revenue & Customs’ (HMRC) Business Payment Support Service to defer their tax bills since it launched at the end of November 2008. Announced in the Pre–Budget Report, the service helps struggling firms by allowing them to set up an affordable tax payment timetable. Under the scheme, HMRC will not apply any late payment surcharges where a deferment has been made, although interest will continue to be charged on outstanding amounts. According to HMRC, more than £350 million of tax, including VAT, PAYE and National Insurance, has already been deferred. The Association of Chartered Certified Accountants head of global taxation Chas Roy–Chowdhury said the service was of real benefit to businesses struggling to meet their tax ... »

The PBR includes new Small Business Finance Scheme and Business Payment Support Service

Finally: The Pre-Budget Report

Alistair Darling has delivered his Pre-Budget Report and there are not many surprises after the details were leaked earlier today. The growth figures for the economy are surprisingly positive; whilst the Chancellor forecast a negative growth rate for 2008/2009 of between -0.75% to -1.25% many other institutions, including the CBI, are predicting growth to be -1.5%. National debt in the form of a massive increase in Government borrowing, is to increase to record levels and the Chancellor appears to be gambling the levels of borrowing on a relatively quick upturn in the UK economy. He predicts economic growth, again at surprisingly positive levels, to improve to a rate of around 1.5% to 2% from 2010. In an attempt to boost economic activity VAT is to be temporarily reduced by 2.5% from 17.5%... »

What’s in the Pre-Budget Report?

Today sees the Chancellor, Alistair Darling, release his Pre-Budget Report, starting from about 15:30 this afternoon. Introduced when the Labour Government came to power in 1997, the Pre-Budget Report is intended to "encourage debate on the proposals under consideration for the Budget". But what is likely to be in the Pre-Budget Report? VAT is expected to be cut temporarily from 17.5% to 15%. Higher Rate Income Tax is expected to increase for those who earn over £150,000 a year, although the new 45% rate on earnings will only be introduced if Labour are re-elected next year. Vehicle Excise Duty rises are expected to be postponed. Corporation Tax rises are also expected to be postponed. The 10p Tax Rebate is expected to be extended for a year. These moves are all seen as pot... »

Darling’s first Pre-Budget Report

The Chancellor, Alistair Darling, has delivered his Comprehensive Spending Review and Pre-Budget Report, but is there anything within his main points of particular relevance to British business? Firstly, he revised downwards the growth rate of the economy next year from 2.5%-3% to between 2% and 2.5% but expects growth to be around 3% in the year 2009/2010, saying that despite recent worldwide economic events, including increased raw material costs and financial uncertainty, the British economy remains strong. He stated that he intends to simplify the tax system, thereby allowing half a million business to function easier and save businesses £1,000,000 a year, though with no details of quite how he is going to do so as yet. The main rate (full rate) of Corporation Tax (Corporate Tax)... »