Business tax

An enabling clause should give taxpayers a greater stake in the planned Tax Charter.

A survey carried out by the Federation of Small Businesses (FSB) has revealed that many small firms feel the Budget did not offer them the support they need during the recession.

Businesses that believe they will make a trading loss in the current tax year can ask HM Revenue and Customs (HMRC) to take the anticipated loss into account as part of any rescheduling of their corporation tax or income tax payments.

Once profitable businesses that are now suffering losses as a result of the recession were offered some relief in the Chancellor’s Budget.

The Chancellor has extended a scheme aimed at helping loss-making firms ease their cashflow worries by enabling them to reclaim taxes paid on profits during the last three years.

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