Business121 Small Business Newsletter #95

In this week's Business121:

1. Register your opposition to the proposed abolition of taper relief
2. Choosing the best business bank deposit account
3. Business Terms and Conditions - A legal guide
4. Corporation Tax mistakes - How to avoid them
5. Corporation Tax - How to reduce your bill
6. Sole trader self assessment tax guide
7. Pre-Budget Report 2007 - Inheritance Tax, CGT Changes

Small Business News
8. CGT tax hike could affect business owners in retirement
9. Taper Relief Change - Business groups meet with Chancellor
10. Budget changes shows Government does not understand small businesses
11. Capital Gains Tax change - surge in business exits expected
12. CGT taper relief abolition - petition launched to oppose the change
13. SME's unaffected by "credit crunch" according to latest statistics
14. Seek employment advice early to avoid tribunals
15. Private medical insurance and pension are most sought employee benefits

Register your opposition to the proposed abolition of taper relief

The business news has been dominated in recent weeks by the announcement in the Pre-Budget Report that taper relief for Capital Gains Tax would be abolished from April 2008.

And rightly so, it is one of the most significant attacks on enterprise that this country has seen in decades. It seems that the Government is happy to punish millions of 'hard-working' small businesses for the excesses of a few dozen private equity bosses.

The proposed change is, in effect, a retrospective tax on hundreds of thousands of business owners who have been carefully building up their business over the years, with the intention of eventually selling it to fund their retirement.

Virtually every business group has been busy lobbying the Government over the past two weeks, and hopefully the Chancellor will take heed. His proposal is ill-conceived and poorly thought through, and it's important that we all do what we can to make sure it never becomes law.

There are 2 petitions that have been launched to allow you to register your disapproval of the proposed abolition of taper relief. You can access and electronically 'sign' both here.

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Choosing the best business bank deposit account
If you have a significant amount of money sitting in your business current account on a regular basis, it's worthwhile opening a business deposit account. It will pay a far higher rate of interest, so you'll earn far more interest on your money.

Business Terms and Conditions - A legal guide
Businesses often give their standard Terms and Conditions of business (T&C's) low priority until a dispute arises by which time it may be too late. Terms & Conditions will be useless unless proper procedures are followed to ensure they prevail over any competing T&C's. Here's how to make sure your standard T&C's of business are incorporated into the agreement between you and your customers.

Corporation Tax mistakes - How to avoid them
While filling out a corporation tax return is best left to your accountant, you should be fully aware of the common mistakes made and how to avoid them.

Corporation Tax - How to reduce your bill
This year, limited companies making up to £300,000 profit pay 20% corporation tax. This is going to rise to 21% in 2008/09, and 22% in 2009/10. That's bad news, but fortunately there are ways you can reduce your Corporation Tax bill. The trick is to find ways to avoid tax, which you are legally allowed to do (as opposed to evading tax... that's definitely illegal). Here are some ideas.

Sole trader self assessment tax guide
A guide to tax for sole traders; what you have to pay tax on, how much tax you should pay, and how to make the self assessment process easier.

Pre-Budget Report 2007 - Inheritance Tax, CGT Changes
Here's an overview of the changes announced in the 2007 Pre-Budget Report. Includes changes to Inheritance Tax (IHT), Capital Gains Tax (CGT) and the non-domicile regime.

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SMALL BUSINESS NEWS
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CGT tax hike could affect business owners in retirement
The FSB has warned that the Chancellor's decision to increase the capital gains tax rate will affect business people in their retirement, as well as during their day-to-day activities.

Taper Relief Change - Business groups meet with Chancellor
Less than two weeks after the Pre-Budget report, four key business groups have met with the Chancellor to protest over the Capital Gains Tax / taper relief changes which are due to take effect from 6th April 2007.

Budget changes shows Government does not understand small businesses
A business lobbying group has responded to a Government consultation on tax changes in this year’s Budget by saying that the Government demonstrates a lack of understanding of small businesses.

Capital Gains Tax change - surge in business exits expected
A leading consultancy firm is predicting a surge in the number of business owners selling up before the new flat 18% Capital Gains Tax rate takes effect on 6th April 2008.

CGT taper relief abolition - petition launched to oppose the change
With everyone from major business organisations, to the panelists of BBC's "Dragons Den" speaking out against the abolition of CGT taper relief, a petition has been set up calling for the measure to be reversed before the implementation date of 6th April 2008.

SME's unaffected by "credit crunch" according to latest statistics
Small businesses seem to have been largely unaffected by the "credit crunch" according to the latest PKF SME Index - a quarterly survey of over 1,000 small and medium sized companies.

Seek employment advice early to avoid tribunals
Research released this week shows that business owners who seek advice on workplace problems are more likely to avoid employment tribunals, and all the associated costs.

Private medical insurance and pension are most sought employee benefits
Staff now value a pension and private medical insurance above other employee benefits, BUPA's Health of the Nation survey reveals.

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

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