PAYE and NI

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.

Over half of employers are intending to freeze wages this year, and 12 per cent are planning to introduce wage cuts, according to a new survey.

A detail in the Budget announcement has revealed that people who earn more than £150,000 a year will have to pay tax on the contributions that their employers make to their company pension schemes.

The Chancellor has delivered one of the most important Budgets in years against a backdrop of rising unemployment, soaring government borrowing and quite possibly the hardest hitting recession since the Second World War.

The British Chambers of Commerce (BCC) has argued that the Budget needs to focus on giving private sector businesses the freedom and flexibility needed to pull the economy out of recession.

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