Small businesses feeling the heat of the economic slowdown should welcome the package of measures unveiled by chancellor Alistair Darling designed to revive the economy.

The most welcome development will be the postponement in the proposed increase in the rate of corporation tax from 21p to 22p in the pound, which had been planned for April 2009.

The creation of a £1bn government fund for small businesses borrowing should also help to stimulate viable businesses that have suffered from the credit crunch, while a £4bn loan from the European Investment Bank has also been secured for the purpose of freeing up capital for UK banks to pass onto small businesses.

The cut in the rate of VAT from 17.5% to 15% from 1 December until 31 December 2009 should also help to boost consumer spending in the run-up to Christmas and will allow organisations to lower their prices without any corresponding fall in profits.

Those that are struggling to make ends meet will welcome the ability to spread payments for VAT, national insurance and corporation tax over a longer period, while previously profitable businesses that need to repay tax will be able to offset losses for the last three years against the amount they owe.

Owners of empty commercial premises with a rateable value of less than £15,000 a year will benefit from the temporary increase in empty property relief for 2009-10.

The Federation of Small Businesses welcomed the package. "This is a sign of the importance of small businesses to the UK economy," said John Walker, FSB national policy chairman.

"The government's Small Business Finance Scheme, which closely resembles the Small Business Survival Fund the FSB has been calling for, will provide a vital cash boost to businesses struggling with rising costs and a lack of credit."

The Forum of Private Business, however, expressed disappointment that the rate had not been cut to 20p. "We are disappointed that these initiatives are both temporary and short-term, and that much of what has been given will be clawed back post 2011," it said in a statement. "In addition to short-term liquidity solutions, we were hoping for medium and long-term policies to provide more certainty for business owners."

Matt Ellis, global employer services partner at Deloitte, warned that employers would have to pay later for the generosity of the government.

The half-percent increase in national insurance contributions (NIC) from 2011 would cost employers an extra £2bn, he warned, while the increase in the top rate of income tax to 45% at the same time would increase the war for talent as more people opted to move to countries with a lower threshold.

"It is likely that higher taxes and NIC costs will lead to a demand for employers to introduce tax mitigation schemes as these become even more attractive in a higher tax regime," he said.

"Of particular interest, with share prices currently low, may be schemes that offer shares to employees now which will ultimately suffer an 18% capital gains tax charge on sale rather than a 45% income tax and 1.5% NIC charge."