Morning - Tom Vaughan and Richard Hattersley here again with the latest news.
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Corbyn promises to ease MTD burden
Labour leader Jeremy Corbyn has vowed to scrap the burden of quarterly reporting for small businesses with a turnover under £83,000.
In a speech to the Federation of Small Businesses, Corbyn said that although the Chancellor “bowed to pressure by delaying the implementation” of quarterly reporting by one year he stressed “that’s not good enough”.
“Labour is against small businesses having to report quarterly. It’s a burden, a distraction, that will hold entrepreneurs back,” he said. “Labour will scrap year quarterly reporting for small businesses with a turnover of less than £83,000, to help you focus on growing your business.”
Corbyn also used the speech to target the “one rule for them and another for big business” tax avoidance culture.
“Some people don’t play by the rules, they use all sorts of elaborate ruses like shell companies or tax havens or offshore trusts to side step the rules…So when we say we will clamp down hard on tax avoidance and legislate to close loopholes, that’s not anti-business, it’s anti-cheating.”
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Dame Lin Homer joins ICAS
Former HMRC chief executive Lin Homer will oversee the integrity and standing of ICAS members after taking a position on the professional body’s council.
According to the Herald, Homer joins the council as a public interest member from April 28. The former HMRC chief executive resigned from HMRC shortly after she received a Damehood. Under her tenure with HMRC Homer steered the Revenue into a steep growth in compliance revenues. Her critics at the time of her departure such as Margaret Hodge said Homer “presided over awful service to public, huge tax gap and poor morale”.
ICAS recently appointed former deputy first minister and advocate general Lord Wallace of Tankerness to its regulation board.
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ICAEW promotes rebranding with marshmallows
ICAEW celebrated its recent rebranding by sending members a box of decorated marshmallows.
Laura Dragon tweeted a picture of her branded mashmallows, questioning: How much has this exercise cost?
— lauradragon (@lauradragon) April 11, 2017
ICAEW launched their rebrand earlier this month. At the time of the announcement ICAEW said it wanted a brand that ensures the professional body “remains modern” and “relevant”.
However, the new logo has received some barbed criticism on Any Answers. In one of the numerous threads AccountingWEB member NLB commented: “I think it looks a bit like a child did it in Sunday school. The font is a bit naff and the lady looks like she is holding bright red chopsticks with the whole thing on an oddly dull background colour."
About Richard Hattersley
Richard is AccountingWEB's practice correspondent. If you have any comments or suggestions for us get in touch.