As the economy continues to shrink did the Chancellor deliver the pre budget report that will boost the economy? While only time will tell there are at least some hidden gems of brilliance for businesses.

If you’re a small business owner the Chancellor has introduced initiatives that should help you weather the storm. The struggle to borrow has been helped with the introduction of a £1bn temporary loans fund that you can access in the new year. Of course, you’ll still need to meet certain criteria laid down by your bank but at least it’s a move in the right direction.

For those companies looking for much needed tax relief you can now carry business losses amounting up to £50k back over the previous 3 years and claim any corporation tax relief owing by offsetting your losses. Previously, this was restricted to one year.

Family run businesses can heave a huge sigh of relief as the proposed legislation on income shifting initially drafted in response to HMRC losing the Arctic Systems case has been deferred indefinitely. Even the planned Corporation tax rise has been put on the back burner and if you’re struggling to meet your tax bills then you can now defer your tax and agree a more affordable timetable! You can find out more by calling the new tax deferral support scheme on 0845 302 1435 but be prepared to have a long wait. Thousands of businesses are expected to take advantage of this gesture from the taxman. Better still – call me on 01344 620495 for immediate answers and sound advice on how to take advantage of the new tax deferral scheme.

For those of us not running a business there is a much welcome reduction in the standard rate of VAT from 17.5% to 15% from 1 December, thereby ‘swelling’ your Christmas present fund.

To make the most of the Chancellor’s measures, good business and financial planning has never been more important especially in an economic downturn. We are currently offering free reviews for businesses and individual tax planning needs. Contact Dawn O’Leary on 01344 620495 for an initial discussion. Don’t wait until you have a problem.