View more on these topics

PBR: SMEs to have “as long as they need” to pay taxes

In his pre-Budget report, Darling has promised help to reduce costs for small businesses by giving businesses “as long as they need” to pay all their taxes.

The Chancellor also promised that the UK banks would be encouraged to do all they could to help finance small business. He congratulated RBS for its recent pledge to help SMEs and warned other banks: “this should be the benchmark to all UK banks.”

Darling says seven UK banks will be allowed access to £1bn of European money to be lent to small businesses by 2009.

He also revealed the creation of a SME finance scheme where businesses could borrow between £1000 and £1m. He says: “We want businesses to borrow flexible, affordable and accessible loans”.

Aifa director general Chris Cummings says: “We are delighted to welcome this boost to small businesses in these difficult times. The short term measure to defer the increase in corporation tax is a positive step.

“IFA firms, like other small businesses, have been affected by the financial turbulence. That is why this measure to reduce the tax burden for small business is the right thing to do. We also welcome the other measures to help smaller businesses announced today – especially the Government’s commitment to keep banks lending to small businesses.
 
“However, we would have liked to have seen the review of business rates deferred as this may offset any reductions in corporation tax.”


Recommended

Vive la différence

To continue the structured product debate following Peter Hargreaves’ article, the first thing I will say is all that investments are different.

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

    Leave a comment

    Close

    Why register with Money Marketing ?

    Providing trusted insight for professional advisers.  Since 1985 Money Marketing has helped promote and analyse the financial adviser community in the UK and continues to be the trusted industry brand for independent insight and advice.

    News & analysis delivered directly to your inbox
    Register today to receive our range of news alerts including daily and weekly briefings

    Money Marketing Events
    Be the first to hear about our industry leading conferences, awards, roundtables and more.

    Research and insight
    Take part in and see the results of Money Marketing's flagship investigations into industry trends.

    Have your say
    Only registered users can post comments. As the voice of the adviser community, our content generates robust debate. Sign up today and make your voice heard.

    Register now

    Having problems?

    Contact us on +44 (0)20 7292 3712

    Lines are open Monday to Friday 9:00am -5.00pm

    Email: customerservices@moneymarketing.com