Peter Dowd responds to new FSB research
Peter Dowd MP, Labour’s Shadow Chief Secretary to the Treasury, responding to new research from the FSB that shows the average UK small business lose £5,000 and three working weeks a year on tax compliance, said:
“It’s clear that after almost eight years of a Conservative Government the UK tax system continues to be a convoluted maze costing small businesses both time and money. The Chancellor’s promises of tax simplification have come to nothing, as small businesses struggle to get the information and specialist help they need. While the Government’s rushed introduction of Making Tax Digital paired with the uncertainty over Brexit looks set to create even more chaos and confusion for small businesses.
“The next Labour Government will ensure that the UK tax system works for small businesses and not against them.
“Labour will rethink the rollout of Making Tax Digital, carry out a review of tax reliefs and exclude small businesses from quarterly reporting, in addition to ensuring HMRC is fully funded and staffed to give business owners the help they need.”