Small Business support from Government
November 30th, 2008 | by Site Admin |
Further details on the help prepared for Small Business
The 2008 PBR set out action to support to small businesses in Glasgow North. The cut in VAT will provide a welcome boost to the local and national economy. Deferring the planned increases in small companies corporation tax because this is not the right time to increase the tax burden on businesses.
- A £1bn Small Business Guarantee Facility to enable new Government supported lending by banks for sums between £1,000 and £1m, at cheaper rates and for longer periods.
- A £1bn Export Credit Guarantee scheme with the banks to support smaller exporters with short-term working capital and trade finance.
- More generous temporary tax relief for businesses suffering losses – with up to £50,000 of new losses set against taxable profits from the last three years.
- A new HMRC Business Payment Support service to help with temporary difficulty in paying bills. Paying VAT, corporation tax, income tax and NICs on a timetable you can afford.
- A national £50m capital fund targeted on highly leveraged but viable small businesses.
- From April empty commercial properties with a rateable value below £15,000 will be exempt from business rate, covering 70% of all empty properties.
For full details of Business Support visit the Treasury or HMRC websites
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