Newsletter #114 - Budget 2008 Round-Up, Unfair bank charges - claiming a refund, 5 essential steps before starting your business, HMRC backlog as firms rush to sell before April CGT deadline...

In this week's Business121:

1. Budget 2008 Round-Up
2. Unfair bank charges - small businesses urged to claim refunds now
3. Startups - 5 essential steps before starting your business
4. Do you know what your sales people are saying to your customers?

Budget 2008 News

5. Budget 2008 - Main Points
6. Budget 2008 speech in full
7. Corporation Tax Rates 2007/8 and 2008/9
8. Income Tax Personal Allowances & Taxable Bands - 2007/8 and 2008/9
9. Income Shifting - Legislation postponed until 2009
10. Business reaction to Budget 2008
11. Hidden National Insurance rise in Budget 2008
12. HMRC backlog as firms rush to sell before April CGT deadline

Budget 2008 Round-Up

This week's newsletter focusses on Alistair Darling's first Budget. On the whole, it was a pretty dull affair with little of real substance for small businesses.

Phil Orford, Chief Executive of the Forum of Private Businesses summed it up pretty well, "While there are some welcome initiatives, they do little, if anything, to offset the tax burden due to be implemented in April. The Chancellor has missed a golden opportunity to convince the small business community that he is on their side."

If the Budget has left you worse off, make sure you read our piece on claiming a refund of unfair bank charges. If your bank has levied charges, such as unauthorised overdraft fees on your business, you might well be able to get the charges refunded.

You can claim back charges going back up to 6 years, so it can add up. It certainly did for one business which recovered £25,000 in overdraft charges from NatWest!

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Unfair bank charges - small businesses urged to claim refunds now
Small businesses are strongly advised to lodge their complaints about unfair business banking charges as soon as possible. In one case, NatWest refunded £25,000 to one business.

Startups - 5 essential steps before starting your business
Many people rush into their first business and live to regret it down the line. Important decisions made in haste tend to have drastic implications. And while you shouldn't use that as an excuse not to get on and make your dream happen, there are five things you must do before you start your business.

Do you know what your sales people are saying to your customers?
Whether it's just carelessness, or a lack of focus, salespeople say the strangest things to customers, without any thought of where it might lead them! Here are some of the common mistakes you must stop your sales people from making, otherwise your customers will desert you.

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BUDGET 2008 NEWS

Budget 2008 - Main Points
A summary of the key business points from Alistair Darling's first Budget.

Budget 2008 speech in full
Alistair Darling's Budget 2008 speech, in full

Corporation Tax Rates 2007/8 and 2008/9
Here are the Corporation Tax rates for the current and 2008/9 tax year.

Income Tax Personal Allowances & Taxable Bands - 2007/8 and 2008/9
Income tax allowances for the current and the 2008/9 tax year.

Income Shifting - Legislation postponed until 2009
The Chancellor didn't even mention income shifting in his Budget speech. However, it has been confirmed that the Government's plans to go ahead with the so-called "family business tax" have been postponed until 2009.

Business reaction to Budget 2008
Following what many commentators describe as a "dull" Budget speech, the major business organisations have had a chance to digest the impact on small businesses and give their response to the announcements.

Hidden National Insurance rise in Budget 2008
Following a fairly uncontroversial Budget, it is only now that the finer details are emerging. Close inspection of the 2008/9 National Insurance rates reveals a massive £100 per week rise in the Upper Earnings Limit for Class 1 Contributions. The tax rise will cost someone on £40,000 per year around £520 in extra taxes.

HMRC backlog as firms rush to sell before April CGT deadline
Following the Chancellor's confirmation that the CGT taper relief regime is set to be abolished on April 5th 2008, The Times reports that HMRC are holding up thousands of owners who want to sell their business before the new CGT rules take effect.

** For the latest Small Business News, visit http://www.Bytestart.co.uk **

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