Budget summary
The main pointsChancellor Alistair Darling announced a cut in VAT and help for small business in his pre-budget report yesterday, as part of a comprehensive package to spend his way out of recession.
VAT rate cut to 15%The implications for personal taxCorporation tax changesGovernment abandons income shifting legislation - for nowNew service to help struggling taxpayers Document management systems are a risky investment! 94% of the paper in the average practice is printed by the practice themselves. Stand alone software packages mean data must be printed to allow the practice to keep one central file. Solution - buy one system to run your entire practice.Click here to find out more |
Expert reaction
Pre-budget report: How was it for you? By Rebecca BenneyworthThe main event was not news at all, and was just a question of 'when' rather than 'if' the chancellor would cut VAT.
What the big names sayThe VAT nightmare before Christmas. By Mark LeeThe small business impact Is it possible to recession-proof your business? Can you and your business adapt quickly to changing market conditions? Are you worried about the economic slowdown and the threat of a potential recession? If yes, read this guide on enterprise agility which has been written specifically for finance professionals. |
Community reaction
The AccountingWEB.co.uk community respondsOverall, first impressions from the community were negative but there was a silver lining in income shifting and in small business tax set-backs.
VAT cut - entrepreneurs reactAnalysis - Corporal Jones to UK plc: Don't panic - Dennis Howlett Compare accounting software - fast! AccountingWEB.co.uk members can compare quotes for accounting software quickly and easily. Business BuyGuide pre-qualifies accounting software providers, checking previous projects and then matching the right suppliers to your business needs. You can get: impartial buying advice, matched with up to six qualified suppliers, fast quote comparison, no fees and no obligation.Click to compare up to six accounting software quotes now |
AccountingWEB.co.uk's new job board partner
Accountancyjobsonline.co.uk – brought to the profession by CCH, the publishers of Accountancy Magazine - offers the accountancy profession just that; accountancy jobs online in a fresh, real-time, up-to-the-minute careers environment. Click here to visit the new job board today How accounting software can help your marketing: Complimentary whitepaper Can you increase your brand awareness and client satisfaction using accounting software? This whitepaper explains how white-labelling online accounting software allows practices to market their services to their clients consistently, and be associated with best practice. Download now |
Has Outlook blocked your images?
If you need to right-click one of the images in this email bulletin to see the pictures it's easy to set up AccountingWEB.co.uk as a 'safe sender' so you don't have to do this every time you receive an email bulletin. Select the Actions-Junk Mail menu and pick either the 'Add Sender' or 'Add Sender's Domain' option. Editor's Note Alistair Darling's hour-long pre-budget report was heavy on forecast and history: the chancellor didn't announce his first policy until almost four o'clock. If one phrase served as his mantra, it was that his actions were only possible because the government had taken the "deliberate decision to support people and businesses through these difficult times".This was a budget designed to demonstrate a steady hand on the tiller: support for business, money for the elderly and those in need, accelerated public spending, and a cut in VAT. Even so, the reaction from the community was broadly negative - accountants have forecast the cut in VAT will cause more trouble than it's worth. One member reported that even as the chancellor was speaking, a client informed him that he would defer paying his bill until the cut came into force. Not to mention the administrative headaches the change will occasion. Best wishes Steve Roth Managing Editor editor@accountingweb.co.uk Events 2008Quarterly Tax Update 2008The Quarterly Tax Update makes sure you are alerted to developments significant to your own practice, whilst retaining an overall awareness of all developments. Various dates and locations Anti Money Laundering: One year on This December, the last set of Money Laundering Regulations will have been in effect for a year. Accountants who braced themselves for the law in theory will now need to stay on top of the law in practice. And if you weren't confident of your compliance in the first place, then there's never been a better time to catch up. 4 December - The Law Society, London |
Posts
