9am Lowdown: High earners, football money league, & ACCA

9am Lowdown
AccountingWEB
Richard Hattersley
Community correspondent
AccountingWEB
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Good morning - Richard here again to take a glance over today’s news.

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Snap election complicates MTD implementation, says ACCA

The ACCA said the snap election announcement must lead to a delay in the implementation of Making Tax Digital.

Chas Roy-Chowdhury, head of tax at ACCA, said “The prospect of a snap General Election will further complicate the implementation of the [MTD] proposals, as well as creating far more uncertainty for business during a profoundly difficult economic cycle.

“ACCA have long called for a full deferral of Making Tax Digital until 2020 to fully allow both HMRC and business to prepare and minimise disruption. In light of yesterday’s announcement there should be at least an agreement to delay any further action until the next parliament.”

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Labour targets high earners

John McDonnell has suggested that people earning above £70,000 would be asked to pay more tax under a Labour government.

The shadow Chancellor told BBC Radio 4’s Today programme that he wants a fair taxation system with the corporation and the rich pay more. "That means ending the tax giveaways to the corporations and also those in inheritance tax, capital gains tax and the bankers' levy - all of those giveaways under this government," he said.

"The rich will be above £70,000 to £80,000 a year - and that's roughly defined as what people feel is an earning whereby people feel they can pay more."

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Manchester tops Deloitte Money League

Premier League clubs scored record revenues of £3.6bn last season but the clubs suffered pre-tax losses of £110m, reports the BBC.

According to figures from Deloitte, Manchester United and City increased revenues by a total of £160m. Dan Jones, head of sports business at Deloitte, said: "The 2015-16 season saw Premier League clubs grow revenues by almost 10% ... with the two Manchester clubs alone responsible for more than 50% of the increase."

Manchester United’s participation in the 2015-16 UEFA Champions League and strong revenue growth resulted in the club topping Deloitte’s Football money league for the first time since 2003.

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