companies house made easy

self-assessment deadline extended

Sole traders, entrepreneurs and other individuals who are required to fill out self-assessment tax returns will not receive a late filing penalty if they make their submission on the 1st or 2nd of February.

schools must develop entrepreneurs

The Forum for Private Business has called for schools to play a leading role in encouraging entrepreneurship amongst young people.

google targets welsh SMEs

Search engine giant Google has announced a 12 month campaign to get businesses in Wales to start using the web.

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In the Emergency Budget, the Chancellor has stated that the small companies’ tax rate will be cut by 1% to 20%.

Corporation Tax will also be reduced from 28%, with 1% reductions each year from 2011 until it reaches 24% in 2014.

The government has attempted to protect small companies and start-ups from the spending cuts required to decrease the deficit, as they feel that these companies are likely to play a big role in the economic recovery.

Other significant stories from the Budget include:

• VAT to rise to 20%
• Rise in NI threshold
• Entrepreneurs’ relief increased
• NI breaks for start-ups’ first 10 employees
• CGT increased by 10% - but not for basic rate taxpayers