Budget

[Canute]

What do we think?

It seems like there is some pretty good support for small business.

Edited by Canute on Wednesday 11th March 13:06

[DSLiverpool]

I was hoping for a PAYE holiday but no ........

[Eric Mc]

Better news on Entrepreneur's Relief than anticipated,.

[russy01]

Eric Mc said:

Better news on Entrepreneur's Relief than anticipated,.

Was hoping for £2m. But least not canned.

[chrispmartha]

Seems I can get the £3,000 Grant, I wonder how and when we can apply?

[Stig]

Eric Mc said:

Better news on Entrepreneur's Relief than anticipated,.

Can this be applied retrospectively or only for business disposals as of today's statement onwards?

I ask, as I sold a business during this tax year and would like to know whether it could impact my tax position accordingly. Thanks

[Stay in Bed Instead]

I was expecting to benefit from the NI threshold increase, but didn't.

I wasn't expecting to benefit from an extra £1000 employment allowance but did.

Overall I am up (if you ignore the 2% corporation tax cut I am no longer getting).

[Titfer]

Stig said:

Can this be applied retrospectively or only for business disposals as of today's statement onwards?

I ask, as I sold a business during this tax year and would like to know whether it could impact my tax position accordingly. Thanks

It would be very unusual, but not entirely without precedent, for them to backdate just such a change.

I'd be very confident that your position will be locked in if it's completed.

[Stig]

Titfer said:

Stig said:

Can this be applied retrospectively or only for business disposals as of today's statement onwards?

I ask, as I sold a business during this tax year and would like to know whether it could impact my tax position accordingly. Thanks

It would be very unusual, but not entirely without precedent, for them to backdate just such a change.

I'd be very confident that your position will be locked in if it's completed.

Thanks - deal was completed last April, but with deferred consideration payments that span 3 years. I'm working on the basis that the rules will apply from the completion date on the SPA, wihch was (as I mentioned) almost a year ago.

[Titfer]

Stig said:

Thanks - deal was completed last April, but with deferred consideration payments that span 3 years. I'm working on the basis that the rules will apply from the completion date on the SPA, wihch was (as I mentioned) almost a year ago.

You will need to check with an accountant regarding the deferred consideration.

It will depend on how they are written as to whether they are subject to the tax regime on completion or when they are finalised.

[Titfer]

Sambucket said:

Whats the grant thing? Free 3k no pay backsies if you rent a small building with rates releif? Seems a bit niche. is it targeted at the high street?

Seems like it applies to offices as well.

They are suggesting 700k businesses qualify.

[anonymous-user]

I'm off to rent an room for 2k.

[Titfer]

Sambucket said:

I'm off to rent an room for 2k.

Rates don't apply to rooms.

[Haibiker]

very nice...how do we actually, physically go about claiming the £3k I wonder ? Will our accountants / tax filers do it for us automatically ? How do I claim statutory sick pay as I have decided to self-isolate ? Presumably it's all online ?

[Stig]

Titfer said:

Stig said:

Thanks - deal was completed last April, but with deferred consideration payments that span 3 years. I'm working on the basis that the rules will apply from the completion date on the SPA, wihch was (as I mentioned) almost a year ago.

You will need to check with an accountant regarding the deferred consideration.

It will depend on how they are written as to whether they are subject to the tax regime on completion or when they are finalised.

I believe protection was put in place when we wrote up the SPA in this respect, as I needed to define a 'cap' on the max ER as the tax has to be paid upfront (eg this tax year).

[chrispmartha]

Haibiker said:

very nice...how do we actually, physically go about claiming the £3k I wonder ? Will our accountants / tax filers do it for us automatically ? How do I claim statutory sick pay as I have decided to self-isolate ? Presumably it's all online ?

Won't it be done through the local authority as they deal with the Business Rates?

I won't believe it until I see it hit my bank account though as usually when something seems too good to be true it usually is. £3k would come in very handy at the moment though!

[anonymous-user]

The grant seems a bit archaic in an age when more and more SMEs are going all remote to save the environment

[skwdenyer]

Titfer said:

Sambucket said:

Whats the grant thing? Free 3k no pay backsies if you rent a small building with rates releif? Seems a bit niche. is it targeted at the high street?

Seems like it applies to offices as well.

They are suggesting 700k businesses qualify.

Where’s the detail on this? The quotes I’ve read don’t mention offices.

[chrispmartha]

skwdenyer said:

Titfer said:

Sambucket said:

Whats the grant thing? Free 3k no pay backsies if you rent a small building with rates releif? Seems a bit niche. is it targeted at the high street?

Seems like it applies to offices as well.

They are suggesting 700k businesses qualify.

Where’s the detail on this? The quotes I’ve read don’t mention offices.

It doesn't mention anything about the premises, just if you're below business rates relief, which obviously applies to offices aswell

[chrispmartha]

skwdenyer said:

Titfer said:

Sambucket said:

Whats the grant thing? Free 3k no pay backsies if you rent a small building with rates releif? Seems a bit niche. is it targeted at the high street?

Seems like it applies to offices as well.

They are suggesting 700k businesses qualify.

Where’s the detail on this? The quotes I’ve read don’t mention offices.

From the government website

"Small business grant funding – The government recognises that many small businesses pay little or no business rates because of Small Business Rate Relief (SBRR). To support those businesses, the government will provide £2.2 billion of funding for Local authorities in England. This will provide £3,000 to around 700,000 business currently eligible for SBRR or Rural Rate Relief, to help meet their ongoing business costs. For a property with a rateable value of £12,000, this is one quarter of their rateable value, or comparable to 3 months of rent. Most properties that are eligible for SBRR will have a lower rateable value, and so this will represent an even greater proportion of their annual rent."

It's a strange one that's for sure - you already get help by not having to pay Business rates, but here's £3k.

I'll take it though.