9am Lowdown: Corbyn promises to ease MTD burden

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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?

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 Hattersley

Richard is AccountingWEB's practice correspondent. If you have any comments or suggestions for us get in touch.

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13th Apr 2017 10:14

At last - a politician sees sense on MTD. Pity it's 'Jezza' though.....

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13th Apr 2017 11:28

Not before time, MTD is finally working its way up the political agenda. Seeing how quickly the Chancellor caved in over Class 4 NIC, I fully expect significant concessions will be given when the row erupts.

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By Tornado
13th Apr 2017 13:08

Great news.

Now where do I sign to join the Labour Party!

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13th Apr 2017 15:39

Just had confirmation from my MP that he will be voting against quarterly proposals for people below VAT limit.
Had all clients sign a petition.

Vote is on 25th April. Need more people to act quickly.

Never thought I would be pleased with anything JC was doing!! Who knows at least bringing it to the headlines.

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13th Apr 2017 17:00

He talks PERFECT sense. VAT registered people have to prepare records quarterly anyway so the change is negligible. Make it voluntary for anybody else and if the system is THAT brilliant people will migrate to it.
Everybody benefits from the new APIs in both cases

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