A survey carried out by the Federation of Small Businesses (FSB) has revealed that many small firms feel the Budget did not offer them the support they need during the recession.
Businesses that believe they will make a trading loss in the current tax year can ask HM Revenue and Customs (HMRC) to take the anticipated loss into account as part of any rescheduling of their corporation tax or income tax payments.
The Chancellor has extended a scheme aimed at helping loss-making firms ease their cashflow worries by enabling them to reclaim taxes paid on profits during the last three years.
The Chancellor has delivered one of the most important Budgets in years against a backdrop of rising unemployment, soaring government borrowing and quite possibly the hardest hitting recession since the Second World War.
