Rebecca Long-Bailey MP, Shadow Chief Secretary to the Treasury, commenting on HMRC scrapping the requirement for small businesses to report back quarterly on their tax affairs, said:

“Today’s announcement that the Government will not push ahead with quarterly tax reporting will be a welcome relief to many small and medium sized enterprises in the UK.”

“Labour has consistently expressed concern that the extra requirements of quarterly reporting would increase administration costs for small businesses, disproportionately impacting the very companies which need support the most.”

“We are therefore pleased the Government has U-turned today and will monitor the progress of the further six consultations announced today on Making Tax Digital.