Pre-Budget Report - Our review
Posted on 10 Dec 2009
There had been much speculation in the press over the past few weeks about what measures would be announced in yesterday's Pre-Budget Report, given the current state of the public finances, and this, coupled with the election on the horizon, made for a highly political budgetary announcement.
Some of the key points for ActSmart members:- 0.55% rise in National Insurance, however lower limit in which NI is applied with rise to £20,000
- Confirmation that VAT will go back to 17.5% from 1 January 2010
- A continuation of the Business Payment Support Service
- An extension of the temporary increase in the threshold for empty property rate relief
- A further deferring of the increase in the Small Companies' Rate of corporation tax
- A 12-month continuation of the Enterprise Finance Guarantee scheme
- Confirmation that the Trade Credit Insurance scheme announced in October 2008 will close to new customers at the end of December 2009
Chapter 4 of the PBR document - ‘Supporting business and growth' - includes further information on these measures and can be viewed here: http://www.hm-treasury.gov.uk/d/pbr09_chapter4.pdf
