20 per cent VAT 2012 budget 50% return accountancy accountancy fees accountancy services accountant accountant B accountants accounting for dividends accounting records accounting software accounts accounts software administration annuity annuity rates Autumn statement avoid inheritance tax avoidance of tax avoiding inheritance tax bank lending basic personal allowance BCC big picture book keeping Bribery Act British Chamber of Commerce BS7858 budget budget 2011 Budget 2012 budgeting business business accounts online business advice business cash management business confidence business continuity business continuity management business continuity plans business cost management business efficiency business exit business exit planning business finance business friendly business funding business goals business growth business investment business loan business management business owners business performance business plan business planning business record keeping business records business sale business success business succession planning business survival business tax planning business tips bwe based account cash flow Cash flow forecast cash is king cash management Cash-based accounting cashflow chancellor chartered accountant chartered accountant Birmingham chartered accountants chartered financial planner chartered financial planner Birmin child savings children’s savings choosing an accountant client entertaining Cloud accounting Company Tax returns compliance industry contractors IR35 corporartion tax Corporation tax credit control credit control procedure cyber attack cyber crime cyber insurance cyber security cyber threats data security data security. IT security debt collection debt recovery despite some of the bad press over recent years director’s loan account directors loan directors pensions Directors’ loan account dividends doubl Dragon’s Den dragons den Economic expansion EIS email security employee data security Enterprise Investment Scheme enterprise zones entrepreneur Entrepreneur’s relief entrepreneurs entrepreneurs relief ethical hacker Everyone needs to finance their retirement and exit planning finance finance management financial advisor financial difficulty financial forecasts financial freedom financial goals Financial management financial plan financial planner financial planning financial planning checklist financial planning tips financial wellbeing FSTE 100 FTSE100 fund manager gifts global markets growth growth finance HMRC HMRC enquiries HMRC enquiry HMRC IR35 guidance HMRC tax enquiries HMRC tax enquiry home loans how to manage time ICAEW IHT income tax income tax r income tax relief income tax return independent financial advisor information security information security management inheritance tax inheritance tax planning insolvency Institute of Chartered Accountants investing Investment investment advice investment diversity investment in marketing investment management investment options investment philosophy investment planning investment portfolio investment risk investment strategies investment volatility investments investors IR35 ISO 27001 ISO 27001 benchmark ISO 27001 consultants ISO22301 ISO27001 IT security Jimmy Carr jobs keeping the books key perfirmance indicators key performance indicators KPIs kpi's late payment penalties late payment penalty fines late payments legal tax strategy management information management meetings management standards managing data security marketing investment miscalculated tax motivating staff national lottery new years resolution online accountancy online accountancy software online accounting on-line accounting online accounting software online accounts online tax return online VAT return outsourced accountancy outsourcing outsourcing accounts overtrading owner managers Parker Management Consultants partnership agreements passwords Pay off mortgage PAYE paying a dividend Payroll penetration testing pension pension contribution pension contributions pension fund Pension funds pension investment pension investment strategy pension scheme pensions pensions forecast per personal allowance trap Personal financial plan personal financial planning personal guarantees personal pension personal pensions personal tax return plumbers tax safe plan pre pack administration private pension profitable business sale R & D tax credits R&D tax credits recession red tape reduce tax remote working report on economy research and development tax credits retirement retirement planning risk risk return safest passwords Saga sareholder protection cover security of websites Seed Enterprise Investment Scheme SEIS selecting an accountant Self assessment self assessment tax return self invested personal pension selling my business selling your company shareholder agreements shareholder protection SIPP SIPPS small business small business owners small business tax small businesses small firms SME SME business management SME marketing SME tax planning SMEs social media policy SSAS start up start-up stock market succession planning tax accountant tax affairs tax avoidance tax breaks tax charges tax code tax disclosure tax enquiries tax enquiry tax evasion tax investigation tax investigations tax liability tax man tax mitigation strategies Tax planning tax planning advice tax planning schemes tax reduction tax reform tax relief Tax return tax saving tax saving strategies tax savings tax strategies Tax tribunals taxation tax-break time management time management skills top rate of tax tough times UK Bribery Act UK economy VAT increase vat return VAT rise VAT submission web based acc website security when to pay a dividend work-life balance Xero Xero accountancy software Xero accountants xero accounting xero accounts Xero accounts service

What’s in the chancellor’s Autumn statement for you and your business?

Add to: Digg Add to: Del.icio.us Add to: Facebook Add to: Furl Add to: Google Add to: Live Spaces Add to: MySpace Add to: StumbleUpon Add to: Twitter
Thursday December 1, 2011 at 12:02pm
Chancellor George Osborne delivered his Autumn Statement on Tuesday with a mixed reception. The statement coupled with the latest forecasts for the UK economy from the Office for Budget Responsibility (OBR) although containing few surprises has been generally welcomes by business leaders and most business owners.

Cutting through all the detail the following highlights form the relevant points for businesses:

Economy

  • OBR 2011 economic forecast revised down to 0.9% from 1.7%
  • 2012 forecast revised down to 0.7% from 2.5%
  • Economy expected to pick up in 2013, 2014 and 2015, forecast growth at 2.1%, 2.7% and 3%

The revised forecast comes as no real surprise. I guess we all now need to hold our nerve and hope the Euro crisis doesn’t get worse.

Transportation and infrastructure

  • £5bn guaranteed spending over three years on roads and rail
  • Plans to release billions more through pension funds
  • 35 road and rail projects approved in total
  • Fare rises to be capped at one per cent above RPI inflation
  • Early 3p rise in fuel duty scrapped
The proposed investment in infrastructure projects will hopefully benefit the wider construction sector and scrapping of the fuel duty has to help businesses in the transport sector.

Business stimulus

  • Credit easing programme to underwrite up to £40bn in low-interest loans to small and medium-sized firms
  • £1bn business finance partnership to raise money for medium-sized firms
  • Regional Growth regeneration fund to get £1bn in extra funding
  • £250m support package for energy-intensive firms, £500m for science
  • Business rates holiday relief for small firms extended to April 2013
  • New time limits for planning applications
  • £1bn ‘youth contract’ to subsidise six-month work placements for 410,000 young people
  • Qualifying period for unfair dismissal to be increased from one year to two years from April 2012
  • Bank levy to be increased to 0.088 per cent in January
It’s good to see promises of low interest loans to small businesses. In fact any measure that will see more finance available for small businesses has to be welcomed.

The Director General of the CBI seemed to cautiously welcome the announcements when he said “The Government’s dogged commitment to budget deficit reduction remains the only way to maintain the UK’s triple A credit rating and low interest rates on international money markets.” Whilst John Walker of the Federation of Small Businesses was more positive “Taken as a package, the announcements in the Autumn statement address many of the concerns raised by small businesses and are therefore welcomed. The key role for the Government now is to be consistent, and set to the task of translating policy intentions into tangible actions on the ground.”

As always with these statements the devil’s in the detail. We’ll be picking over the fine print to learn more about the real value of the benefits available for our clients.

Andy Parker
Chartered Accountant and Chartered Financial Planner

Comments on this post:

There aren't any comments for this post yet. Why not be the first to comment?

Categories:

General

Share your experiences:

Your Name  
(to appear with your comment)
Email Address  
(will not be published)
Comments:  
Human Validation Check  
In the box below, please type the characters that you see in the picture. This helps us to ensure a real person (and not a crafty computer!) is submitting this form.

Enter the code shown to the left:

Parker Chartered Accountants and Financial Advisors is the trading name for Parker Business Development Ltd (Registered No. 4116664), Parker Tax and Trust Ltd (Registered No. 06950353) and Parker Financial Planning LLP (Registered No. OC347027). Parker Financial Planning LLP is authorised and regulated by the Financial Conduct Authority. All companies are registered in England and Wales – registered office contact details here