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Government urged to 'extend cash rebate scheme'
Small businesses whose accounting year ends in the first half of 2008 could lose out on a cash rebate scheme unless the government changes its policy, warns The Institute of Chartered Accountants in England and Wales (ICAEW).
The government's cash-rebate scheme is aimed at helping businesses through the recession by allowing firms that are suffering losses this year to offset them against profits in previous years, up to the value of £50,000. Companies can also receive up to £20,000 in cash rebates from HMRC.
However, this is only available for the 2008-09 tax year, meaning that small businesses whose accounting year ends in the first half of 2008 would miss out.
"The period as it is currently set out appears to discriminate against unincorporated businesses, which is surely unintended," said Anita Monteith, tax adviser at the ICAEW.
Post Date: March 24th, 2009
The government's cash-rebate scheme is aimed at helping businesses through the recession by allowing firms that are suffering losses this year to offset them against profits in previous years, up to the value of £50,000. Companies can also receive up to £20,000 in cash rebates from HMRC.
However, this is only available for the 2008-09 tax year, meaning that small businesses whose accounting year ends in the first half of 2008 would miss out.
"The period as it is currently set out appears to discriminate against unincorporated businesses, which is surely unintended," said Anita Monteith, tax adviser at the ICAEW.
Post Date: March 24th, 2009
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