Tax burden eased for small firms

Byrne, Matt
December 2005
Lawyer;12/12/2005, Vol. 19 Issue 48, p2
Trade Publication
This article reports that Gordon Brown, Chancellor of the Great Britain Department of Treasury, has eased the tax burden for small companies. Brown announced a relaxation of the rules relating to FRS5 in his pre-Budget statement. However, the position of partners at firms that have already made an adjustment in their accounts based on the new accounting standards has not been made clear. The statement also described how the changes will enable most companies to spread any tax charge over three years. Lawyer Kevin Martin said that it was a very good news for solicitors and will be a huge relief for many practitioners who didn't know how they would be able to pay their tax next year.


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