Delyn MP David Hanson today welcomed the Pre-Budget Report and the Government’s continuing support for small businesses.
The 2009 Pre-Budget Report extended the freeze in the rate of corporation tax paid by small businesses, while maintaining a raft of measures to support small businesses through the recovery.
David Hanson said:
“I welcome the extension of the tax rate freeze for small businesses, the ongoing action to encourage lending by banks and other measures, like the help with deferring tax bills.
“These measures will make a real difference to small businesses and those who depend on them in Delyn.”
The Pre-Budget Report announced that the lower rate of Small Companies Corporation Tax would remain frozen for another year until April 2011. This will save £500 million for 850,000 small and medium-sized companies across the country, supporting them during the recovery.
The Prompt Payment Initiative will continue. The scheme has ensured almost £73 billion of payments are made within a 10-day target since June 2009, helping businesses to plan their cashflow.
The Business Payments Support Scheme will continue as long as it is needed. The scheme has helped more than 160,000 companies employing over 1.2 million people to defer paying more than £4 billion in tax. In Flintshire it’s helped 700 companies to defer £11 million worth of tax, helping to support thousands of jobs locally.
It was also confirmed that the Enterprise Finance Guarantee, which helps small businesses to access finance, would continue for another year. Offers totalling £1 billion have been made to 9000 SMEs nationally.