News from the Chancellor
Some good news from the Chancellor
The Chancellor’s Pre Budget report contained some good news for the hard pressed farming community; increases in personal tax allowances, the deferment of an increase to small business Corporation Tax and a relief on rates for empty properties will all make life a little easier. Set against these benefits are increases to both employers and employees national insurance contributions plus an increase to the rate of income tax for trusts which will take effect in April 2011.
A new Business Payment Support Service will allow businesses that are in temporary financial difficulty to pay their tax bills over a period of time that they can afford. This is welcome news for those who will be paying tax on last year’s profits out of this year’s income.
For more details of the Chancellor’s Pre-Budget Statement go to http://www.hm-treasury.gov.uk/prebud_pbr08_repindex.htm
