Budget analysis – SMEs

Proprietors of SMEs will have found more than most to get their teeth into in a pre-election Budget that concentrated on anti-avoidance rather than ground-breaking measures. Perhaps the two most newsworthy fiscal measures which double the size of welcome reliefs could both be of great interest and value to them.

Keeping the wolf from the door

First though it is worth noting that the Chancellor has extended the Business Payment Support Service which has proved most welcome during the toughest months of the recession. This permits taxpayers who are suffering hardship to reschedule their tax liabilities with a guarantee that they will not suffer penalties for failures to meet deadlines. The rules apply to 'all viable businesses having difficulty in meeting their tax obligations'. No closing date has yet been announced although practitioners have observed that...