BADA Responds to Chancellors Budget Announcement

Posted: 2016-03-17 13:24:33

In the latest step of the #MakeTaxFair campaign against Quarterly Tax reforms, BADA (The British Antique Dealers’ Association) have criticised Chancellor George Osborne’s spring budget incentives for MSME’s (Micro, Small and Medium Enterprises).

In the eighth budget of his tenure as Chancellor, Osborne revealed a downgrade on UK growth as well as announcing some measures designed to help the small business community, including the scrapping of Class 2 national insurance contributions from April 2018, a corporation tax cut by 2020, a doubling to the rate of small business relief, cuts to capital gains tax and a freeze on fuel duty.

BADA is campaigning Whitehall, in association with fellow fine art and industry organisations, to protect MSME’s against the introduction of quarterly tax returns from 2020, and believes that the Chancellors budget reforms will do little to relieve the burden to small business that quarterly tax proposals will bring.

Following the Budget announcement on Thursday Marco Forgione, BADA CEO said: “The Chancellor’s downgraded growth forecasts and the announcement of increased borrowing are worrying indicators for the UK economy. The small business measures announced are welcome but will do little to ease the burden on MSME’s over the course of this Parliament.

“It has been suggested that this is a budget for small business, but again the spin lacks substance.  The introduction of quarterly reporting, beginning from 2018 will completely outweigh any of the benefits announced in this budget.

“These changes on their own are to be welcomed, and address some of the issues this Government inherited but the quarterly reporting and payment will devastate business. Just when he’s introduced a sugar tax the Chancellor is sugar-coating a bitter pill for business.”

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