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Small businesses stand by for Emergency Budget measures

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The chancellor is set to deliver his "Emergency" Budget from 12.30 today. As ever, we will report updates here on Bytestart as soon as the announcements are made. This will be followed by industry reaction and analysis of what the new measures mean for small business owners in particular.

What can we expect? Most commentators predict rises in the standard VAT rate and Capital Gains Tax (for non business assets), the removal of tax credits for higher earners, and freezes to public sector pay.

We should also expect a reduction in the main rate of Corporation Tax, and possibly the small companies' tax rate, but this may be delayed until the next tax year.

In addition, expect to see widespread cuts to public spending. The Chancellor is expected to "soften the blow" (as much as that is possible) on the lowest paid, but higher earners are expected to bear the brunt of any changes to income tax levels.

In the meantime, readers might also be interested in reading what the experts at PricewaterhouseCoopers expect to hear from George Osborne this afternoon.

Check back later for updates.

Posted June 22, 2010

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