Corbyn promises to ease MTD Burden

Jeremy Corben, the Labour leader, has joined the various debates about Making Tax Digital (MTD) and said that he would scrap the quarterly reporting for businesses with a turnover of under £83,000.

At a recent conference he stated that his reason for abandoning the quarterly reporting is because he considers it to be an unnecessary distraction which holds entrepreneurs back. His stance was that businesses should be able to concentrate on growing their organisations rather than filling in their tax returns on a quarterly basis.

However, he stressed that Labour is against tax avoidance and cheating whatever the size of a company. Everything would be done to legislate against tax loopholes in a spirit of ‘anti-cheating’ rather than ‘anti-business’.

Reference: http://www.accountingweb.co.uk/tax/hmrc-policy/9am-lowdown-corbyn-promises-to-ease-mtd-burden

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