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ACCA calls on chancellor to deal with double whammy of frozen thresholds and weak growth

● Additional people and businesses are being pulled into higher tax bands, adding to an already overburdened HMRC service
● Frozen thresholds can result in companies not being as productive and instead capping their profit under thresholds to avoid taxation
● UK economy remains weak, and small businesses are concerned about continuing inflation hitting their bottom line

Finance professionals call on chancellor to act now or risk impending economic growth

ACCA has written to Chancellor Jeremy Hunt ahead of the Autumn Statement (Budget) expressing its concerns about UK economic progress for the future. The letter also highlights the need for swift completion of the audit reform process, incentivising investment and HMRC service improvements to help the UK economy stabilise and grow long term.

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