PracticeConsultingGREEN BUDGET – Brown’s SME tax aid

GREEN BUDGET - Brown's SME tax aid

Chancellor Gordon Brown went out of his way to help small business in his Green Budget on Tuesday (3 November), with promises to reduce both taxation and red tape.

Accountants in business and practice gave a broad welcome to the measures, which included a promise to consider a cut in the 20% rate of small business corporation tax, but said they doubted if they would have a major effect.

David Harrison, Kidsons Impey national tax director, described the statement, intended to foreshadow next year’s spring Budget, as ‘in practice a mini-Budget’ containing a ‘miscellany of tax reliefs for businesses’.

Brown’s announcement that the merged Inland Revenue and Contributions Agency would offer a ‘one-stop advice service’ for small companies with a help line was welcomed by small business leaders.

David Hands, of the Federation of Small Businesses, said it would remove red tape and streamline the system while Chris Fitzgibbon, Deloitte & Touche tax partner, questioned whether the merged service would have the necessary expertise to offer advice.

But many commentators focused on what was not said. Some were disappointed that there was no mention of a structure for consultations on the reform of capital gains tax.

Others noted the absence of reference to payments on account for corporate self-assessment or details of plans for changes to the taxation of charities and charitable giving.

Related Articles

5 tips for SMEs to protect cash flow

Accounting Software 5 tips for SMEs to protect cash flow

3m Alia Shoaib, Reporter
Tyrie on Finance Bill 2017: ‘Making Tax Policy Better’

Consulting Tyrie on Finance Bill 2017: ‘Making Tax Policy Better’

9m Stephanie Wix, Writer
Managing partner Q&A - the year ahead: Richard Toone, CVR Global

Accounting Firms Managing partner Q&A - the year ahead: Richard Toone, CVR Global

10m Kevin Reed, Writer
Friday Afternoon Live: HMRC complaints rise; Deloitte scoops big audits; and corporate reporting woes

Audit Friday Afternoon Live: HMRC complaints rise; Deloitte scoops big audits; and corporate reporting woes

11m Kevin Reed, Writer
New head of equity capital markets for KPMG

Accounting Firms New head of equity capital markets for KPMG

11m Stephanie Wix, Writer
Deloitte 'self-imposes exile' on government contracts to defuse PM row

Accounting Firms Deloitte 'self-imposes exile' on government contracts to defuse PM row

10m Kevin Reed, Writer
Managing partner Q&A - the year ahead: Julie Adams, Menzies

Accounting Firms Managing partner Q&A - the year ahead: Julie Adams, Menzies

10m Kevin Reed, Writer
Friday Afternoon Live: Deloitte's tech thing; PAC wants HMRC 'contingencies'; and Sports Direct

Business Regulation Friday Afternoon Live: Deloitte's tech thing; PAC wants HMRC 'contingencies'; and Sports Direct

10m Kevin Reed, Writer