Profession creates manifesto

The merger of income tax and national insurance, supply of free XBRL
software and legal protection for the term accountant are among the proposals
for a manifesto from the profession.

Accountancy Age readers have reacted enthusiastically to our
invitation to create a manifesto from accountants for the new government to
implement.

The proposals have been wide and varied.They have ranged from transformation
of the tax system and the way government does business, to increased powers for
the National Audit Office and reform of fair value accounting.

Some of the most popular proposals include:

• Free XBRL software to speed up returns

• More powers for the National Audit Office

• Root and branch reform of HMRC – what could that mean

• Restricted use of term accountant – a register of accountants a la lawyers

• Simplify corporation tax regime and systems of capital allowances

• Increase in IHT threshold to £500,000 others say £2m

• Bring together income tax and NICs in one tax

• Bring together VAT, PAYE, NIC, corp tax into a single payment

• Apply govt’s own consultation rules fairly

• abolish fair value accounting

• Commit to reducing the size of the finance act each year/ improve the
process – remove surprises and improve consultation

• Bring PFI on to the balance of government financial reporting

Accountancy Age intends to compile a Top Ten list of the most popular to send
on to government once the election is over .

To let us know your ideas email [email protected].