Chancellor sets date for autumn statement
As we head into the depths of autumn it’s time for the
Finance Bill cycle to begin again. On 29 November we should have the
Chancellor’s autumn statement plus the economic and fiscal
outlook from the Office for Budget Responsibility. This will be followed
shortly by the draft Finance Bill 2012 which is due to be published
for comments on 6 December 2011.
SMEs ‘hit hard’ by Self Assessment penalty regime
HMRC’s new penalty regime for self-assessment is unfair
to SMEs as penalties are based on the number of times payments are
late in any one tax year and the amount charged starts at 1% of the
amount of tax paid late in the tax year, which can rise to as much
as 5%.
Jo
