Budget 2008 - ACCA UK's guide to the key issues. Welcome to ACCA UK's summary of those points in the Chancellor's 2008 Budget most likely to impact on members in the corporate sector and public practice. In addition, we have included details of a number of recent announcements from HMRC. Scroll through the items below or view the list 'at a glance' on the right. There are no restrictions on using this content; you are welcome to share it with colleagues and clients. ACCA says SMEs regulation and income shifting ACCA welcomes further consultation on the regulatory burden facing SMEs, as well as the issue of income shifting. MORE >>>   Consulting with you The Government’s decision to shelve its attempts to deal with so-called ‘income shifting’ followed considerable lobbying by ACCA and other organisations. We need your input to ensure that ACCA can play an important role in influencing further consultations. MORE >>>   60 second update Changes to income tax rates A summary of changes to income tax rates (including examples to send to clients). MORE >>>   Self assessment procedures for individuals Changes to the self assessment procedures for individuals. MORE >>>   Inheritance tax changes Changes to the trust regime which were announced in the Finance Act 2006 will take effect from 6 April 2008. MORE >>>   Tax returns – all you need to know Everything you need to know about impending changes to the tax return regime. MORE >>>   Indirect tax A round up of changes to VAT. MORE >>>   Restrictions on trade loss relief for individuals From 6 April, where a loss arises to an individual carrying on a trade in a non-active capacity, as a result of tax avoidance arrangements made on or after 12 March 2008, there will be no sideways loss relief available for that loss. MORE >>>   Associated companies Associated companies rules as they apply to small companies’ rate of corporation tax are to be changed with effect from 1 April 2008. MORE >>>   Changes to stamp duty land tax Details of changes to stamp duty land tax. MORE >>>   Tax simplification review Take part in the tax simplification review on calculations and returns for smaller companies. MORE >>>   key issues - an overview Changes to the taxation of non-domiciled individuals Currently, individuals who are not domiciled in the UK receive exemptions from UK tax in respect of their non-UK income and gains. Such income and gains are not normally charged to UK tax unless they are remitted here (the remittance basis). MORE >>>   Capital gains tax Capital Gains will now be subject to a rate of 18% with an Entrepreneurs’ relief available in certain circumstances (including worked examples). MORE >>>   Transport benefits Previously announced changes to car benefit and car fuel benefit come into effect from 6 April 2008 i.e. tax year 2008/09. MORE >>>   Proposed new legislation to deal with the tax consequences of a change of employment status Following discussions with the profession on a legislative solution to the issues highlighted in ‘Demibourne’, HMRC has agreed that ACCA can provide you with the following update. MORE >>>   Capital allowances The Capital allowances regime faces many changes as a result of the 2008 budget. MORE >>>   Government strategy for enterprise: unlocking UK talent As part of the Government’s strategy aimed at promoting enterprise in the UK, a range of measures, some of which are at proposal stage only, have been announced in the Budget 2008. MORE >>>   changes at a glance Tax rates and allowances 2008 A detailed breakdown of changes to tax rates and allowances. MORE >>>   Changes to corporation tax rates A summary of the main changes to corporation tax rates. MORE >>>   Transitional relief on Gift Aid donations Transitional relief supplements will be paid to charities and community amateur sports clubs. MORE >>>   Capital allowances: summary A summary of the key changes to the capital allowances regime. MORE >>>   EIS Changes to Enterprise Investment Scheme (EIS), Corporate Venturing Scheme (CVS), Venture Capital Trust (VCT) and Enterprise Management Incentives (EMI). MORE >>>   Single use carrier bags Proposed restrictions on the use of plastic carrier bags. MORE >>>   Increase in home working exemption Details of an increase in the tax and NIC free guideline rate for home workers. MORE >>>   Employee expenses when travelling abroad Scale rate expenses payments for employees travelling outside the UK. MORE >>>   Research & development relief Details of the changes to the Research & Development (R&D) relief for SMEs. MORE >>>   events CPD events for members in the corporate sector Increase your understanding of the Budget by attending one of ACCA UK's Professional Courses tax-related CPD events being held during March and April. MORE >>>   CPD events for members in public practice Catch up on how the Budget could affect practitioners with ACCA UK's Professional Courses CPD events. MORE >>>   survey Please take our online survey on how the 2008 Budget will impact on SMEs. TAKE THE SURVEY >>   Contact us» ACCA Homepage - Terms and conditions Published by ACCA UK Technical Advisory Service

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