Lloyd Powell, head of ACCA Cymru/Wales, said: “ACCA welcomes the Chancellor’s commitment to a single fiscal event in a year. We have reiterated the need for simplicity, certainty and stability in the tax system, and holding to a single fiscal event contributes to that much needed stability.
“Undoubtedly, heightened global uncertainty, combined with the UK’s weak economic growth and rising unemployment, continue to make it a challenging picture for the Chancellor. However the Chancellor remained steadfast and positive in her vision for the economy.
“ACCA remains concerned that changes coming in the new tax year, such as the increased dividend tax rates and higher Capital Gains tax on specific reliefs, as well as business rates revaluation, will place yet more negative pressure on small business owners, sole traders, and taxpayers.
“In particular, the significant changes coming to Making Tax Digital from April will be a huge shift and one that has the potential to cause headaches for many taxpayers – and for HMRC. Combined with the continued hangover from increases to National Insurance Contributions for employers, and the prospect of higher fuel costs, there appears to be little respite ahead for small firms.
“ACCA appreciates the Chancellor’s intention to bring stability and clarity, but the need to deliver economic growth continues to dominate concerns. With challenging headwinds, the economic picture globally looks unsettled, and developments in the Middle East are clearly an important risk on both the growth and inflation fronts.
“As the government lays the ground for its budget in the autumn, it’s becoming clearer that stronger action will be necessary to support tangible business growth.”