Business tax

Tax breaks that are available to profitable businesses when buying equipment should be extended to those SMEs that take out new operating leases.

A share scheme designed to help SMEs recruit and keep talented staff has been given the long-term backing of the European Commission.

There seems no prospect that the cut in VAT will be extended beyond the planned end of the year reversion to the old rate after it was revealed that tax revenues have fallen sharply.

HM Revenue and Customs (HMRC) is in the process of contacting some half a million companies, advising them of important changes to the way that corporation tax is to be filed in the future.

Firms are being reminded that they can express their views on the transitional arrangements for the next business rates revaluation.

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