The Treasury has announced that the Chancellor will deliver his Autumn Statement on Tuesday 29 November 2011.
This replaces the Pre-Budget report. Following a summer of tax consultations and the government's own moratorium on creating more administrative burdens for small business it is unclear what we can expect from the Chancellor with regards to announcements on future tax policy.
SME advisers might expect some changes, note that:
- The Office of Tax Simplification has been reviewing the future of small business taxation and disincorporation relief, this follows its review of underused tax reliefs.
- HMRC has been consulting on reform of the capital allowances fixtures regime.
- HMRC continues to push ahead with plans for compulsory online filing and a "one click" registration service.
- HMRC is also reviewing its strategy with Tax Agents; this includes Agent Enrolment and consultation on a new penalty regime (note also our comments on the impact assessment on the latter).
- Companies House has abandoned its plans for iXBRL filing until 2014 (due to the moratorium on new regulation for small business)
Draft clauses for the 2012 Finance Bill are also expected in the Autumn.
