MTD and the Election

Tax professionals know MTD (Making Tax Digital) inside out. This is because it has been part of their daily conversations and their concerns for some time. As the General Election fast approaches, some accountants have questioned whether MTD has been mentioned in any of the manifestos. This is due to the fact that the public seems to know little about MTD and its possible effects.

Labour’s Jeremy Corbyn has said that the plans for MTD are ‘costly’. As part of Labour’s fair taxation system, the quarterly reports for businesses with a turnover of under £85,000 would be scrapped.

Accountants have reacted well to this pledge saying that it shows that politicians are beginning to listen to their concerns about MTD.

Reference: http://www.accountingweb.co.uk/tax/hmrc-policy/9am-lowdown-lib-dems-labour-mtd-mclaren