MTD and the Election
Tax professionals are well versed in MTD (Making Tax Digital). It has been part of their everyday language and, indeed, 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, especially as the public seems to know little about MTD and the effects it will have.
Labour’s Jeremy Corbyn is in print as considering 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 abolished.
Accountants have reacted positively to this pledge saying that it demonstrates that politicians are beginning to listen to the profession’s concerns about Making Tax Digital.