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PBR 2008 and Small Businesses

PKF Tax Partner Philip Fisher summarises the impact of the Pre-Budget Report on smaller businesses
The 2008 PBR contained fundamental changes to most of the major taxes in a package of measures that will cost the Exchequer an estimated £20 billion. As the Chancellor of the Exchequer expressed it 'We must act now to protect people and help the economy out of this recession'.
There are new rates of VAT income tax National Insurance contributions (NICs) and corporation tax for smaller businesses to chew over. Other proposals will affect the taxation of cars owned by businesses corporate losses and empty properties. In addition struggling companies are to receive support if they cannot pay their taxes.
Strangely with all of this going on the...
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