Although the news on the budget front can’t really be considered all bad for businesses, it appears from internet reports that small business owners and business support groups, such as the Federation of Small Businesses, feel Alistair Darling could have done more to soften the blow of the economic crisis.It was hoped that the Budget would prioritise addressing the short-term issues faced by businesses, so why was there no reduction in business rates?
Better news though for loss-making companies which can claim back taxes paid on profits from the last three years in a programme predicted to wipe out the losses of some 100,000 businesses. It runs until November 2010 so if you qualify, take advice from your bookkeeper ASAP to get your claim started.
There is also a new credit insurance scheme to help protect your business against crippling late payments. If your private insurer reduces or withdraws cover, which is unfortunately common practice of late, the scheme will provide you with cover for six months.
Radical change comes where tax avoidance is concerned with HMRC set to make public the names of any businesses that purposely understate their taxes. Care will of course be taken not to humiliate those who have simply been confused by the complex tax system. Taking professional tax and accounting advice has never been so vital.
Here are some useful budget resources:
HM Treasury: Budget 2009
http://www.hm-treasury.gov.uk/bud_bud09_index.htm
Direct Gov: Newsroom - Budget 2009
http://www.direct.gov.uk/en/Nl1/Newsroom/Budget2009/index.htm
BBC News: Budget Documents
http://news.bbc.co.uk/1/hi/business/8012222.stm
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