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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: VAT to rise to 20%
june 2010
From 4th January 2011 VAT will be charged at 20%, as announced in the Emergency Budget.
The Chancellor expects that the 2.5% increase will raise an extra £13 billion each year for the Treasury.
Although zero-rated items such as food and books will remain exempt, it is thought that this rise will cost the average household a further £400 each year.
VAT is considered by many to be a regressive tax, one likely to impact the poorest harder than the well-off.
Other important headlines from the Budget include:
• Rise in
NI threshold
• Corporation
tax cut for SMEs
• Entrepreneurs’
relief increased
• NI breaks
for start-ups’ first 10 employees
• CGT increased by 10% - but not
for basic rate taxpayers
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