Small business tax changes and HMRC bank powers draw post-Budget scrutiny
GB News heard warnings that Budget reforms to self-assessed tax could force self-employed people to pay twice in 2029, alongside concerns over HMRC powers to take money from bank accounts.
How it was covered
- GB News was the only channel found covering it, concentrating on small-business tax changes, HMRC bank powers and hospitality cost pressures.
- Channel 5, BBC News, BBC One, BBC Two, Channel 4, ITV and Sky News: not found in tracked broadcasts.
The Full Story
A plain summary built from the channels that reported this story. Facts only one channel reported are attributed to it.
GB News reported that post-Budget scrutiny had moved to the way self-assessed income tax is administered and to claims that HMRC will be given powers to take money from bank accounts. The channel's New: Farage programme heard from Craig Beaumont, executive director of the Federation of Small Businesses, and from Adam Brooks, a publican and GB News contributor.
GB News reported that Beaumont said 4 million of Britain's 5.7 million small businesses are self-employed sole traders. They normally pay tax twice a year, in January and July, with a balancing payment, and from 2029 will pay more frequently, possibly monthly or quarterly. He warned that the transition could mean paying twice as much tax as normal in that year, saying the change served the tax system rather than entrepreneurs.
GB News reported that Nigel Farage, the programme's host, argued the reform could demand tax from people who had not yet been paid for their work. He also said the Budget gave HMRC the power to take money directly from an individual's or company's bank account, leaving them to hire a lawyer and an accountant to prove their innocence.
GB News reported that Brooks said extra accountancy fees and seasonal trading would add to pressure on hospitality. He cited Covid debt, energy bills, business rate revaluations and minimum wage increases, and warned that calling in nine months of tax in one go could lead people to "throw in the towel".
GB News reported that Beaumont said small business rates relief had been made too narrow, helping 70,000 businesses rather than the 250,000 the FSB had sought. He also welcomed a £3,000 trading allowance for young people as a small but useful start.
Key Claims
Claims reported during this story's coverage, grouped by how many channels reported each one. Select a dot to see the source excerpt.
| Claim |  |
|---|---|
| Only on one channel | |
| Burnham said 70,000 smaller high street businesses had been entirely removed from business rates. | |
| Craig Beaumont said self-employed taxpayers will make more frequent tax payments from 2029, potentially monthly or quarterly. | |
| Nigel Farage claimed the Budget would allow HMRC to take money directly from individuals' or companies' bank accounts. | |
Channel Perspectives
What each channel focused on, with key quotes.
GB News built the segment around small-business concerns about the Budget, with Nigel Farage leading on the self-assessment timetable and claims about HMRC bank-account powers. It gave most of the time to FSB executive Craig Beaumont and publican Adam Brooks, who described cumulative cost pressures. There was no Treasury or HMRC response in the transcript.
- “this budget gives HMRC the power to literally take money from an individual or a company's bank account”
- “you can end up paying twice as much tax as you normally would”
- “people are just going to throw in the towel”
Who was on air
People and organisations each channel put on air while covering this story. Channels' own presenters and reporters are not listed. Names as transcribed, and the list can miss people.
- 19:21 GMT
John Healey, Chancellor
Farage · Thu 29 Oct - 19:21 GMT
- 19:22 GMT
Craig Beaumont, Executive Director of the Federation of Small Businesses
Farage · Thu 29 Oct
Broadcast Timeline
News broadcasts tracked for this story, in time order.