Chancellor publishes Finance Bill

News Article - 31 March 2008
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The chancellor has announced publication of the 2008 Finance Bill, which outlines government plans to build "a strong economy and a fair society, where there is opportunity and security for all".

Finance Bill 2008 enacts many of the measures unveiled in this year's Budget and will have important ramifications for small business health, particularly regarding capital gains tax (CGT), corporation tax and fuel duty.

Small business bosses have expressed concern about changes to CGT and corporation taxation systems, which they claim will have an adverse effect on their business performance. However, the decision to postpone a planned two per cent increase in fuel duty for six months has been welcomed.

The Association of Chartered Certified Accountants (ACCA) reports that the 2007-08 Finance Bill will add to tax complexity in the current UK system because of the "sheer volume and intricacies" of the legislation.

Chas Roy-Chowdhury, ACCA head of taxation, stated: "Every year, the Bill becomes more complex and the volume of tax policy increases… Simplification is desperately needed; an independent tax policy committee, modelled on the Bank of England's monetary policy committee, would help to remove complexity."

Small businesses need to invest in good SME accounting software in order to keep up with changes to UK financial systems and monitor business progress.

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