"Big Shortfalls in The Treasury" - TaxMan on The Warpath

Discussion in 'Finance, Property, Law' started by Tremaine, Jan 10, 2009.

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  1. Google it, and it's everywhere. Guv is said to be facing over £20 billion shortfall in tax receipts in this recession - the first drop in annual tax receipts year-on-year for more than a decade. Tax experts warned that an increasingly desperate Revenue would drag more innocent taxpayers into lengthy investigations.

    File your tax return by January 31, or get £100 fine. "Last year, nearly 900,000 taxpayers were fined for filing late." Nice little earner eh?

    So, better get the kettle on and the biscuits out for the Investigators, Bailiff, Taxman, Rent Collector, Debt Collector, Energy Switchers, Loan Shark, oh and something for the online and telephone snoopers, when they all pop up at your place. If you make anything at home, perhaps you could flog them all something to pay them off? :roll:

    Who's for the high jump? Anyone and everyone perhaps. Buy to let Landlords. Self-Employed, Bank-switchers, Holiday Home-owners, and anyone who sends tax returns in with lower income indicators. But Barristers could also be investigated for their "Wig and Gown cleaning claims". So there's a bit of justice, then.
  2. I suppose there will be less in the NY Honours List next year for services to taxation, revenue collection and fleecing the honest hard working people in this country.
  3. Why don't they investigate certain Council managers?
  4. How about a quick blitz through parliment?

    IIRC there have been a number of scams uncovered that, whilst legal, could be considered "underhanded".

    And then theres 165,000 due back from this escapade.

    And then there is probably millions tied up in the perks of quangos and the CS. More here.
  5. Why am I getting visions of the last days of the 3rd Reich, when the SS were rampaging through Berlin and hanging civvies from lamp posts 'cos they weren't in uniform?

    I read that the people HMRC will be examining include evil, class traitor barristers who claim dry cleaning bills as a business expense. Good luck plugging a 20 billion quid black hole (or should that be Brown hole?) with class war stunts like that.

    Is the 20 billion in addition to the 18 billion pound deficit that had already been identified before the recession struck, or has the Bank of England already printed enough cash to cover that?

    The tsunami of excrement that's about to hit Gordon is a result of more than a decade of reckless overspending. Tinkering with middle class tax avoidance will be about as helpful as carrying an umbrella into a hurricane. Frank Skinner summed it up nicely when he said that Gordon's attempts to fix the economy were a bit like Bomber Harris offering to fix a few broken windows in Dresden.

    If HMRC come knocking at your door, bear in mind that most people who appeal to a tax tribunal win their case.
  6. All largely the Govnt's own fault.

    Had they not raped, pillaged and squandered Trillions of pounds of the Tax payers money over the last 11 years on countless failed projects, then we wouldn't be in this shitt state that we are now.

    That same shitt state that's forcing tradesmen the country over to do 'Cash Jobs' and keep a bit more for the rainy day that's coming tomorrow.

    Within the Benefits Agency, last year for every £1 that they saved in Benefit Fraud, it cost them £7 to do so. So if that's just one department, just imagine what the culmative bill for all the departmets is. I dread to think how much the HMRC throws out of the window...!
  7. Remember all those "obscene" City Bo-narres that were claimed the root of all evil?

    Well at least 50% of those went straight into the Liarbor spending machine.
    No more.

    It is all b0llocks: never going to do anything more than grab a few headlines at the expense of some wretched publican or butcher. Might as well try to fill in the Grand Canyon with a teaspoon.
  8. It would certainly help HMRC collect some of the tax if the biggest earners in this country actually paid tax here. Gordon has done all he can to help Hedge Funds and Private Equity Partnerships and claims that they are helping our economy. However, if the money behind these businesses is earned by people that are not resident for tax purposes in this country, then it cannot be taxed - as simple as that!

    Clearly the money has to be raised somewhere which is why honest people are badgered relentlessly. Unfortunately/fortunately in these difficult times more and more people are willing to look the other way or play fast and loose with the tax they pay on their earnings. This just adds to the problem, however, and means once again that the honest are stung. I am confident that there will be people reading this that have not paid their fair whack - who do you think pays for you, you scum?

    A few simple changes would end a great deal of unfairness:

    If money is earned/generated from activity in this country tax must be paid on it.
    No child is allowed to attend at private school without their parents tax affairs being checked by the school/independant auditor
    Property and earnings cannot be placed in a spouses name unless it can be proven that they would have the ability to earn those sums (Phillip Green anyone?)
    Any accountant/solicitor found to have assisted in the evasion/avoidance of tax will be liable for 50% of the figure at stake.

    That should provide a starting point at least.

    Think on - If Sir Phillip Green had paid the tax due on his business in the UK in 2006 alone the exchequer would have been £300 million pound better off. Fortunately for him all his property is in his wifes name and he and she are residents of Monaco for tax purposes.

    Anyone think that is fair?
  9. Maybe Pa Broone and Lord Peter will be flogging Peerages again to Foriegn Oligarchs, and Honours to rake in some dosh to wasted on new IT systems to control all us peasants.

    Pa Broon's advisors will be 'Blue Sky Thinking' up new taxes to screw us all with if they win the next election - Gawd forbid......

    'Tax The Air We Breathe'

    'Chimbley Tax'

    'Window Tax'

    'Sex Tax'.... a tax on the number of times people have sex per week. Boogar, that will stop me wnaking every night.... maybe, RSI anyone? :lol:
  10. Biped

    Biped LE Book Reviewer

    Might I suggest to a few of your out there who are either self-employed or running small businesses to employ the services of a half-decent accountant AND join the Federation of Small Businesses - they will fight your corner should the tax-man come a-knocking - and will even fight a legal battle on your behalf.

    It's cheap, and the benefits of membership are enormous (including loads of discounted services and even FREE banking). The FSB is a HUGELY representative organisation for businesses, and carries a LOT of clout.

    Federation of Small Businesses

    Idea of some of the services, including FREE business legal advice.

    Business Banking
    Business Deposit Account
    Independent Financial Services
    Credit Card
    Finance for Business
    Insurance Service
    Merchant Service
    Fuel Card
    Mobile Card Payment Terminals
  11. The best and most cost effetive thing that they could probably do is to do away with Income tax and just raise VAT to 30%.

    That way they wouldn't have to pay Billions of pounds in collecting income tax and could divert personnel to VAT Collection instead, a task that is largely carried out by retailers and industry.

    That way no one could avoid paying taxes and those that live lavish lifestyles would pay accordingly, and those on lower incomes would pay far less.

    Plus that way all the Foreigners would also be forced to pay.
  12. ugly

    ugly LE Moderator

    This is the Govt that cancelled Mozambiques, debt and gave enough money to India to fund their space programme. Well tough titties I wont be rolling over on this one!
  13. Nay sweat, as I have been saying for months, Good old Gorden knows how to extra cash, Uncle Bob told him.

    "Reform plan raises fears of Bank secrecy
    The Bank of England will be able to print extra money without having legally to declare it under new plans which will heighten fears that the Government will secretly pump extra cash into the economy.

    By Edmund Conway, Economics Editor
    Last Updated: 9:59PM GMT 10 Jan 2009
    The Bank of England will be able to print extra money

    The Government is set to throw out the 165-year old law that obliges the Bank to publish a weekly account of its balance sheet – a move that will allow it theoretically to embark covertly on so-called quantitative easing. The Banking Bill, which is currently passing through Parliament, abolishes a key section of the law laid down by Robert Peel's Government in 1844 which originally granted the Bank the sole right to print UK money.

    The ostensible reason for the reform, which means the Bank will not have to print details of its own accounts and the amount of notes and coins flowing through the UK economy, is to allow the Bank more power to overhaul troubled financial institutions in the future, under its Special Resolution Authority.

    However, some have warned that it means: "there is nothing to stop an unreported and unmonitored flooding of the money market by the undisciplined use of the printing presses."

    It comes after the Bank's Monetary Policy Committee cut interest rates by half a percentage point, leaving them at the lowest level since the bank's foundation in 1694.

    With the Bank rate now at 1.5pc, most economists suspect the Government and Bank will soon be forced to start quantitative easing – directly increasing the quantity of money in the economy – in a drastic attempt to prevent a recession of unprecedented depth.

    Although the amount of easing is likely to be limited, news of this increased secrecy will spark comparisons with Weimar Germany and Zimbabwe, where uncontrolled use of the central banks' printing presses ultimately caused hyperinflation.

    The Bank said it will still publish details of its balance sheet, but, significantly, the data – the main indicator of the extent of quantitative easing – will not be presented until more than a month has elapsed. For instance, under the new terms of the law, if the Bank were to have embarked on a policy of quantitative easing last month, the figures on this would not be published until the end of this month.

    The reforms, which are likely to be implemented later this year, will make the Bank of England by far the most secretive major central in the world, experts said.

    In the US, where the Federal Reserve has already cut rates to close to zero and started quantitative easing, the main way to track its purchases of securities and the expansion of its balance sheet is through precisely these same weekly accounts.

    "Quite why the Bank has to keep its operations so shrouded in secrecy is a mystery to me," said Simon Ward, economist at New Star. "This [reform] will make it much more difficult to track what the Bank is doing."

    Among the details which will no longer be published are those revealing the extent to which London's banks are using the Bank's deposit facilities – a yardstick of pressure in the financial system.

    Debating the issue in the House of Lords recently, Lord James of Blackheath, a Conservative peer, said: "Remove [this] control and there is nothing to stop an unreported and unmonitored flooding of the money market by the undisciplined use of the printing presses.

    "If we went down that path we would be following a road which starts in Weimar, goes on through Harare and must not end in Westminster and London. That is the great fear that the abolition of that section will bring about – but the Bill abolishes it."

    I will arrange to import wheelbarrows for all of yous.
  14. buying my safe this week... shit you not....
  15. ugly

    ugly LE Moderator

    Then dont put cash in it, by the time you remember the combination toilet roll will be worth more.
    Remember that everything the Govt gives away it has already taken from you!