9am Lowdown: Lib Dems, Labour & MTD, McLaren

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Good morning, Richard here with your daily dose of accounting news. 

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Lib Dem manifesto to launch

Yesterday Labour released their manifesto and today it is the Lib Dems turn to showcase their election campaign.

The Liberal Democrats are expected to include a referendum on the Brexit deal and, according to the BBC, a greater focus on young people, with measures such as restoring housing benefit for 18-21 year olds and a rent to own scheme.

Tax wise, the Lib Dems has pledged to increase corporation tax and add a 1p income tax rise to fund the NHS.

You can find out more about Labour’s tax and business plans elsewhere on the site and Philip Fisher gives his take over on our blog page.

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McLaren speeds ahead with Deloitte partnership

McLaren applied technologies, a subsidiary of McLaren technology group, has partnered with Deloitte to develop data driven products.  The announcement, however, ends the motorsport specialists ten year deal with KPMG after just two years.

According to Sky News, the McLaren and Deloitte alliance will focus on devising data-generated products for use in industries such as healthcare, retail and transport. The partnership though does put the brakes on the KPMG and McLaren deal to develop technology based projects. 

A KPMG spokeswoman told Sky News that the McLaren partnership had been successful and achieved its objectives. "Together we have developed predictive analytics tools unmatched anywhere else in the market, which allow KPMG to offer enhanced audit and advisory services to our clients.”

KPMG will continue to build the audit and advisory services in-house and said that an enhanced audit tool will be unveiled later in the year.

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MTD and the election

Making Tax Digital has been a hot topic on AccountingWEB for some time now but it has not slipped into the mainstream vernacular yet. While issues like Brexit are likely to sway votes, some AccountingWEB members are meticulously scanning the manifestos to determine each party's stance on Making Tax Digital.

John Stone is one of these AccountingWEB members. He announced on Any Answers that he is backing Labour leader Jeremy Corbyn after reading Labour’s thoughts on the "costly" MTD plans. As John Stone points out, under Labour’s plans for a fair taxation system it pledges to scrap quarterly reporting for businesses with a turnover of under £85,000.

Reacting to the Labour pledge, AccountingWEB member Simple Accounting said: “Thank goodness someone is finally listening to accountants concerns about Making Tax Digital.”

What do you think? Will MTD play into how you vote at this year’s general election? 

About Richard Hattersley

Richard Hattersley

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

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By Eric T
17th May 2017 11:06

Why stop at £85,000?

Just scrap quarterly accounting completely.

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