Chas Roy-Chowdhury, head of taxation, said: ‘There was very little to cheer. Instead of increasing business confidence, the chancellor has raised fears that his revived “spend to save” policy will, in reality, increase the regulatory burden for small business.’
The institute hit out at measures against VAT avoidance, which it said would open up tax inspectors to the temptation of hitting the ‘soft’ target of small business.
It warned, raising the audit threshold to £5.6m would increase the risk of small business fraud . And it criticised the decision to further consult on the ‘non-starter’ proposal for a £1.4m pensions cap.
ACCA also suggested the extension of transfer pricing rules to include UK-to-UK transactions would leave medium-sized businesses unsure whether they were effected.
But there was a welcome for regulation reform and the extension of research & development credits.
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