comprehensive spending review

ACCA Comments on the Comprehensive Spending Review

Offering an overview of yesterday’s Comprehensive Spending Review (CSR), three of the Association of Chartered Certified Accountants‘ (ACCA) experts offer comment on tax, small business and public sector impacts. Chas Roy-Chowdhury, head of taxation at ACCA says: “Aside from the arguments over whether cuts are the right way to go, the most important thing now is that the cuts are done efficiently. If the cuts hinder the functioning of government, then that can only be a bad thing.” Commenting on tax issues, Chas Roy-Chowdhury says: “Cutting HMRC’s budget isn’t good news. HMRC is already struggling on its current resources; remember the tax over/underpayment debacle earlier this autumn? The Treasury is placing a lot of store on closing the tax gap and although £900 m... »

Darling’s first Pre-Budget Report

The Chancellor, Alistair Darling, has delivered his Comprehensive Spending Review and Pre-Budget Report, but is there anything within his main points of particular relevance to British business? Firstly, he revised downwards the growth rate of the economy next year from 2.5%-3% to between 2% and 2.5% but expects growth to be around 3% in the year 2009/2010, saying that despite recent worldwide economic events, including increased raw material costs and financial uncertainty, the British economy remains strong. He stated that he intends to simplify the tax system, thereby allowing half a million business to function easier and save businesses £1,000,000 a year, though with no details of quite how he is going to do so as yet. The main rate (full rate) of Corporation Tax (Corporate Tax)... »