There were few surprises again on the VAT front. The registration threshold rises to £64,000 from 1 April 2007 and the threshold for deregistration will rise to £62,000.
The Finance Act 2007 will include a raft of provisions to put in place Lord Carter's proposals for shorter deadlines for paper self assessment tax returns, and a 12-month window for HMRC enquiries
As a parting gesture, Gordon Brown announced a major overhaul of tax allowances for business investment in plant, machinery and buildings.
The budget has triggered a mixed reaction from businesses, with firms welcoming the cut in corporation tax but small companies branding overall measures as ‘smoke and mirrors’.
The chancellor's eleventh budget speech was posited as a "budget to expand prosperity and fairness for Britain's families"
Gordon Brown has delivered his 2007 budget speech in the House of Commons. These are the main points.
"No return to boom and bust" is on the agenda according to the chancellor, but with 81 budget notes there have been some major changes announced to simplify income tax, tinker with corporation t
The widely held view is that the 2007 budget will be chancellor Gordon Brown's last.
As part of its budget submission, the Institute of Chartered Accountants in England & Wales (ICAEW), has called for a greater sense of urgency in government when dealing with UK business needs.
There was a clear indication in the Budget 2006 publications that tax motivated incorporation was still an issue for Government. The Red Book included an analysis of the issue at paragraph 5.