budget 2009

Budget 2009 commentary courtesy of Grant Thornton

Budget 2009 Commentary

HMRC becomes more powerful HM Revenue & Customs (HMRC) has continued its review of the powers and safeguards in place within the legislation. A number of changes were introduced in previous years but further developments have been announced in the 2009 Budget. Debt collection through PAYE HMRC has announced it will have the power to collect small debts it is owed through the PAYE system. Compliance checks Income tax, capital gains tax (CGT), corporation tax, VAT, PAYE, National Insurance Contributions (NIC) and the Construction Industry Scheme (CIS) are already subject to the compliance checking framework. This will now be extended to apply to the environmental taxes, insurance premium tax, stamp duty land tax, stamp duty reserve tax, inheritance tax and petroleum revenue tax. The intr... »

What did the Chancellor do for Small Business?

Chat time: 12pm April 22nd was a red letter day for businesses all over the country as Alistair Darling delivered what is being hailed as the most important budget in the past half a century. The day after the budget smallbusinessadvice.tv is broadcasting a Budget Special to help you understand what the Chancellor’s budget will mean for you, your clients and your staff. It will be presented by Ian Collins, national radio presenter and a regular contributor on Sky News and the BBC. He will be joined by the Shadow Business Minister Mark Prisk MP, and British Chambers of Commerce Director General, David Frost, to assess whether this budget will deliver the necessary stimulus for an economic recovery. Shadow Business Minister Mark Prisk MP, and British Chambers of Commerce Director Gener... »

Budget 2009 and the Credit Insurance implications

> Following the Budget announcement yesterday afternoon, Edward Rimmer, chief executive of Bibby Financial Services in the UK & Ireland, has issued the following statement: "The measures announced in today’s Budget should go some way to giving small and medium-sized businesses in the UK financial respite during what Darling has described as ‘the most serious global economic turmoil for over 60 years’. "While Darling’s measures seek to ease the burden of ongoing cashflow problems for the UK business community – something we know to be a primary concern from our own market research – the issue of late payment was not addressed and remains a major concern for struggling businesses across the country. "The existing credit insurance scheme ... »

Budget 2009: A Budget for Serious Times

> Chas Roy-Chowdhury, head of taxation at ACCA (the Association of Chartered Certified Accountants) says about today’s Budget 2009: “There are few give-aways in this Budget from the Government because there has been little room for manoeuvre. The surprising tax rate of 50 per cent for those earning £150,000 or more goes against the earlier election promise made by the Government, unless an election happens before April 2010. “This is indeed a Budget for serious times, where many key measures had already been leaked to test the reaction. If the Government wishes to make the fiscal stimulus work, then it needs to stop talking about tax increases. “While tax rises have been brought forward in order to balance the books, it does nothing to encourage spending. We h... »