Many nursery owners are monitoring occupancy levels more closely than ever for the effects of the economic downturn. Some measures offered as part of the Chancellor's pre-budget report in November are designed to offer small businesses some respite.
Introduction of a Business Payment Support Service
Uptake for the new Business Support Service within HM Revenue and Customs is increasing. This is designed to assist businesses having temporary cash flow difficulties. In certain circumstances, HMR&C may agree to an extended repayment period for some things such as tax and National Insurance Contributions. Although interest will continue to be payable on taxes where it applies, additional late payment surcharges will not be made.
The service can be accessed on the Business Payment Support Line on 0845 3021435.To assist advisors, have the following details ready:
- Tax reference number
- Type of payment the query relates to
- Basic business income and expenditure information
Small companies rate tax increase deferred
Some nurseries will also benefit from the fact that the planned increase in the Small Companies Rate (SCR) from 21 per cent to 22 per cent, due to take effect on 1 April 09, has been deferred to 1 April 2010.
Loss carry-back rules extended
The Government proposes to introduce legislation within the Finance Bill 2009 that will provide a temporary extension to the loss relief rules, as follows:
- For corporate businesses the extension will apply to corporation tax accounting periods ending between 24 November 2008 and 23 November 2009.
- For unincorporated businesses the rules will apply to losses in the tax year 2008/09.
The period that current-trading losses can be carried back against previous profits will increase from one to three years.
- For more information go to www.hmrc.gov.uk
