Yesterday I spoke during Treasury Oral Questions to ask the Chancellor about the impact of tax return changes to small businesses. Although I welcome the Government’s move towards digitisation of tax, a number of self-employed people and small businesses across my constituency, approximately 74% of which employ fewer than four people, have voiced concern about how quarterly tax reporting might have a negative effect on their human and financial resources, depending on their reliance on an accountant.
I therefore sought to ask Treasury ministers, what support will be provided to our small businesses to help them to adapt to the proposed changes. While the Government is still in consultation around
I was pleased that the Financial Secretary to the Treasury, David Gauke MP, gave assurances to the House that there are no plans for quarterly tax returns, as has been reported. However, the Minister would not go into sufficient detail as to the support that will be on hand for small businesses and I will be continuing to seek assurances and clarity around the support that will be on offer.