It was announced last week that the chancellor, Alistair Darling, will deliver his crucial pre-budget report on the 9th of December.

With the country still on the long road to economic recovery, this year’s report is aimed at tackling the massive public debt that Britain is now facing, with an aim at stimulating consumer spending and cutting government expenditure. 

As always this year’s report is likely to close certain tax loopholes with further restrictions to Employee Benefit Trusts (EBT’s) and further changes to existing tax rates being the most likely targets.

Whilst these remain rumours at the moment, if you are a higher rate tax payer, an Employer Financed Retirement Benefit Scheme (EFURBS) may be appropriate for you.  An EFURBS offers protection from increases in Income Tax and Capital Gains Tax whilst also offering similar advantages to EBT’s. If you would like to find out more about EFURBS, please contact Wes Mason, our tax partner on wes@a4gsolutions.co.uk.

From April 2010, any business with a turnover exceeding £100,000 will have no choice but to file their VAT returns online.

At present, only a very small percentage of businesses use the online filing services and Customs will almost certainly succeed in increasing this percentage by making the service obligatory for a large number of businesses.

As we are always looking for ways to help your business, we are carrying out a survey on the challenges that business owners currently face. The survey literally takes one minute to do and we would really appreciate your help in compiling it. If you would like to take part please complete the survey here.

If you would like further advice upon completion of this survey please contact your principal advisors.  

“Focus on remedies, not faults”