The ICAEW is lobbying government to ensure that the self-employed and
partnerships don’t miss out on a cash rebate scheme aimed at helping businesses
through the recession.
New rules announced in last year’s pre-Budget report let businesses suffering
losses this year offset them against profits in previous years, up to the value
of £50,000, and could see companies receiving up to £20,000 in cash rebates from
However, this relief is only available for the 2008-09 tax year, meaning that
some small businesses whose accounting year ends in the first half of 2008 could
miss out as they will not yet have felt the full impact of the recession on the
books, according to The Telegraph.
The ICAEW is pressing government to extend the relief for a further two
years, and let companies decide which year they wish to claim the relief in.
‘The period as it is currently set out appears to discriminate against
unincorporated businesses, which is surely unintended,’ said Anita Monteith, tax
adviser at the institute.
Changes to the tax system is urged to support the growth of entrepreneurs, found a report from the Grant Thornton UK, the Institute of Directors, and the Prelude Group
The EC has been instructed to draft a European Union (EU) directive authorising an EU financial transaction tax, which would apply to ten of the EU’s 28 member states
Government's estimate of a £400m admin saving from Making Tax Digital is way off - and is instead a huge cost burden, warns Lamont Pridmore chief executive Graham Lamont
HMRC is continuing to ramp up the number of raids on premises it carries out as part of criminal investigations, searching 761 properties in the last year