Rebecca Long-Bailey MP, Labour’s Shadow Secretary of State
for Business, Energy and Industrial Strategy, commenting on the Government’s U-turn on their
Making Tax Digital policy, said:
“Today’s
Government U-turn is a victory for small businesses across the country. As
recognised by the Federation of Small Businesses, the Labour Party
has consistently called on the Government to rethink their Making Tax Digital
policy; the Labour Manifesto committed to scrapping quarterly reporting for
companies under the VAT threshold.
"Despite
this U-turn the Government is still not doing enough to unleash the potential
of SMEs. The promised transitional business rates relief has still not
materialised and they are failing to take meaningful action on the scourge of
late payments.
"Only Labour has
a clear plan to support the UK’s small businesses including improved access to
finance for SMEs, radically reforming business rates and declaring war on late
payments.’’
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