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small business news
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.
emergency budget 2010: entrepreneurs’ relief increased
june 2010
Entrepreneurs will receive a reduced rate of Capital Gains Tax (CGT) on the first £5 million of their lifetime gains, up from the first £2 million.
The move is hoped to reward the risks taken by entrepreneurs when starting in business, and encourage more people to become entrepreneurs themselves.
The 10% reduced rate of CGT can be claimed on the first £5 million of lifetime gains by individuals who are sole traders, partners in a trading business or who own shares in their personal trading company.
Other announcements made in the Budget include:
• VAT to rise to 20%
• Rise in
NI threshold
• Corporation
tax cut for SMEs
• NI breaks
for start-ups’ first 10 employees
• CGT increased by 10% - but not
for basic rate taxpayers
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