While the big banks and companies snatch almost all of the current media attention during this financial downturn, 1st Contact tax have decided that it will be a very good idea to start placing more emphasis on the smaller and local businesses. After all, it is equally important for these business owners to weather this current recession and ensures that they have a fighting chance of success in coming through it to the other side.
1st Contact Tax offers a number of services that will help you with your company accounting. Moreover, we are available right now to start discussing the viable options and practices that are available to your business to provide you with that all important ‘fighting edge’ at this time. If accountancy is not proving to be one of your strong points at the moment, do get in touch today. We are here to help you.
One issue which could certainly provide more welcome assistance to small business owners could well be the fact that Tories are deliberating over a number of tax relief packages that could transpire to be very beneficial to the small business owner. As an example, they have stated that as many as 84,000 shops in the London area alone could benefit from their new proposals if they have the chance of pushing them through. What’s more, this relief could be as much as 50% off current ratable values.
At present, statistics seem to indicate that as many as two out of three small business owners are failing to claim a tax break that is available up to the value of £2,500. This is the case for small businesses that have ratable values of less than £21,500 in the London area and less than £15,000 outside of the capital. In fact, this is one of several relief packages that are in place at the moment and here at 1st Contact Tax we will be very willing to help you in this regard.
The Shadow Communities Secretary, Caroline Spelman, has stated that she recognises the fact that small shops and businesses are facing tough times in this recession and that these services represent the life-blood of local communities. They therefore deserve more help in being able to ride out this financial downturn.
It will be very interesting to see what transpires in this regard over the coming months. Do check out this site periodically and we will provide you with the relevant updates.
If you do have any financial and accounting queries related to this article, feel free to speak to us here at 1st Contact Tax. Our accounting experts will do their level best to advise you on all of the relief packages mentioned above and best accountant practices that will help to make sure that your company remains in a good position.
1st Contact Tax offers specialist tax services to contracting professionals.
These services include: Contractor Accounting, Personal Tax for Contractors, Limited Companies for Contractors and Contractor Financial Advice.