The forecast for public sector net borrowing for the current year has been reduced by £11bn (from £178bn at the PBR to £167bn). This brings the UK’s net debt to 54% of GDP, which is actually better than France, Germany or the US. The Chancellor also forecasts that the deficit will be more than halved over the coming four years, flowing from a combination of tax raises (predominantly from highly paid individuals) and efficiency savings.

The forecast for public sector net borrowing for the current year has been reduced by £11bn (from £178bn at the PBR to £167bn). This brings the UK’s net debt to 54% of GDP, which is actually better than France, Germany or the US. The Chancellor also forecasts that the deficit will be more than halved over the coming four years, flowing from a combination of tax raises (predominantly from highly paid individuals) and efficiency savings.

UK Finance for Growth The Government announced the housing of its £4bn suite of finance products for small and medium sized businesses under one roof; now known as UK Finance for Growth. This aims to streamline the various initiatives announced including the Growth Capital Fund. Pleasingly, the banks have supported this fund which looks on track to raise £500m. This fund will support businesses which need £2m-£10m in financing and who are struggling to access capital through traditional routes.

Two pieces of anti-avoidance legislation were introduced in re (SIP). Firstly, legislation will be introduced to ensure that a company will no longer be able to obtain an upfront corporation tax deduction to a SIP trust if, at the time the contribution is made, it is not genuinely intended that the shares acquired by the SIP trust would be passed to employees ie it is part of a tax avoidance scheme.

As expected in the run up to a general election, the 2010 UK Budget contained little of major interest to multinational groups. Modest tax increases will fund equally modest giveaways - mainly a package of support for small businesses. The consultation on the reform of the UK controlled foreign company rules is still in progress so there are no further announcements in this area and the expected consultation document on the proposed 10% ‘patent box’ has not yet been published.

This was the third and possibly final Budget statement delivered by Chancellor Alistair Darling. It was clearly a statement made with an eye to the forthcoming General Election, but was relatively light on substance from the point of view of individual taxation. Whilst some of the changes announced had been raised in consultation documents issued some months earlier, others come as welcome surprises. The current favourable rate of capital gains tax is to remain and the maximum lifetime limit for Entrepreneurs’ Relief

Changes to the zero-rating of aircraft As expected, the VAT relief for “qualifying” aircraft (and parts and services for them) is to be changed, from 1 September 2010, in response to a challenge to the UK’s implementation of the relevant EU law. From that date, only aircraft used commercially and mainly on international routes, and parts and services relating to such aircraft, will qualify for zero-rating.

The Chancellor today delivered his Pre-Budget Report. Business will welcome some PBR measures - the new patent box, whereby income from new patents granted from 2013 will be taxed at 10% and the announcement of consultation on a foreign branch exemption. The extra ½% hike in national insurance rates for employers, employees and the self-employed from 2011 will not be appreciated. This - combined with the 2008 announcement - will mean a 1% charge, raising about £7 billion in 2011-12 and subsequently.

Roger Bootle, economic adviser to Deloitte, gives his Pre-Budget predictions * I expect the Pre-Budget Report (PBR) to be a double-edged affair, with measures to provide short-term support for the economy accompanied by plans to bring public borrowing down more quickly further ahead. But a much bigger fiscal squeeze is still likely after next year's election.

the convergence of Internet technologies, virtualisation and large scale data centres has created a set of software services that were unthinkable even a few years ago

Developing the cloud Capitalizing on your Salesforce CRM investment with a Force.com strategy

the convergence of Internet technologies, virtualisation and large scale data centres has created a set of software services that were unthinkable even a few years ago

Welcome to Entrepreneurship UK: 2009/10, Deloitte’s insight into the mindset and intentions of the people who run the dynamic entrepreneurial companies that underpin our economy. This year’s report has critical significance, coming at a time when economic prospects appear finely balanced. The effect of the downturn on Britain’s largest firms has been constantly in the news. Less well reported is its impact on entrepreneurial businesses. Deloitte Entrepreneurship UK: 2009/10 provides this missing review of how

It has been more than 150 years since William Welch Deloitte opened his own accountancy office across the street from Bankruptcy Court on Basinghall Street in London.

It has been more than 150 years since William Welch Deloitte opened his own accountancy office across the street from Bankruptcy Court on Basinghall Street in London.

It has been more than 150 years since William Welch Deloitte opened his own accountancy office across the street from Bankruptcy Court on Basinghall Street in London.

It has been more than 150 years since William Welch Deloitte opened his own accountancy office across the street from Bankruptcy Court on Basinghall Street in London.

It has been more than 150 years since William Welch Deloitte opened his own accountancy office across the street from Bankruptcy Court on Basinghall Street in London.

It has been more than 150 years since William Welch Deloitte opened his own accountancy office across the street from Bankruptcy Court on Basinghall Street in London.

It has been more than 150 years since William Welch Deloitte opened his own accountancy office across the street from Bankruptcy Court on Basinghall Street in London.