Just listening to radio 5 live and Ed Ballsis promising that if Labour get in they will give more power to HMRC in relation to tax avoidance. So how much further can they go?
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Even more powers for HMRC
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Originally posted by ads1980 View PostJust listening to radio 5 live and Ed Ballsis promising that if Labour get in they will give more power to HMRC in relation to tax avoidance. So how much further can they go?Down with racism. Long live miscegenation! -
Originally posted by ads1980 View PostJust listening to radio 5 live and Ed Ballsis promising that if Labour get in they will give more power to HMRC in relation to tax avoidance. So how much further can they go?
1. Ability to raid bank accounts/sell assets
2. Ability to force contractors to deduct tax (like the construction industry several decades ago)
3. Refusal of expenses claims
4. Force information from contractors as to who was paid what
5. Prevent any contractor from having an EBT or share scheme or access to any tax planning
6. Introduce a system of pre approval or blocking
7. Impose a minimum effective rate of tax for all
8. Introduce a pre FTT tribunal that HMRC control and operate
9. Introduce the long promised "anti Ltd" rules
10. More retrospective rules
I'm sure this is not a comprehensive list.Best Forum Adviser & Forum Personality of the Year 2018.
(No, me neither).Comment
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Originally posted by webberg View PostOff the top of my head:
1. Ability to raid bank accounts/sell assets
2. Ability to force contractors to deduct tax (like the construction industry several decades ago)
3. Refusal of expenses claims
4. Force information from contractors as to who was paid what
5. Prevent any contractor from having an EBT or share scheme or access to any tax planning
6. Introduce a system of pre approval or blocking
7. Impose a minimum effective rate of tax for all
8. Introduce a pre FTT tribunal that HMRC control and operate
9. Introduce the long promised "anti Ltd" rules
10. More retrospective rules
I'm sure this is not a comprehensive list.Comment
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Originally posted by ads1980 View PostSo do we think the age of the Ltd company is going to disappear in terms of contracting?
It would be very difficult to distinguish between a Ltd co used for contracting and one used for other business? It is however something that HMRC threatened some time ago and if they come under pressure from a new administration to "do something" then pulling this out of the locker is a quick win (for them).
The alternative is to make retrospective legislation on all loan schemes (unpopular and difficult), or perhaps attack the sort of share/option scheme arrangements currently in the market but that is difficult and risks damaging the rewards for "hard working families" (a phrase that irritates me to the point of rage).
Like I say, perhaps too early to say it's the end of Ltd company arrangements, but a new Government desperate for money and playing high stakes poker with "anti avoidance" measures - who knows?Best Forum Adviser & Forum Personality of the Year 2018.
(No, me neither).Comment
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Originally posted by webberg View PostThat might be a premature statement.
It would be very difficult to distinguish between a Ltd co used for contracting and one used for other business? It is however something that HMRC threatened some time ago and if they come under pressure from a new administration to "do something" then pulling this out of the locker is a quick win (for them).
The alternative is to make retrospective legislation on all loan schemes (unpopular and difficult), or perhaps attack the sort of share/option scheme arrangements currently in the market but that is difficult and risks damaging the rewards for "hard working families" (a phrase that irritates me to the point of rage).
Like I say, perhaps too early to say it's the end of Ltd company arrangements, but a new Government desperate for money and playing high stakes poker with "anti avoidance" measures - who knows?Comment
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Originally posted by ads1980 View PostJust listening to radio 5 live and Ed Ballsis promising that if Labour get in they will give more power to HMRC in relation to tax avoidance. So how much further can they go?'Orwell's 1984 was supposed to be a warning, not an instruction manual'. -
Nick Pickles, director of Big Brother Watch.Comment
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What is always overlooked
On the face of it sounds simple.
People who avoid tax are pure evil, so let's screw them right into the ground. Seize their assets, take their homes, make them bankrupt etc.
However there is an economic cost to this. Yes it boosts the Treasury's coffers but it takes money out of the economy at the same time. Bankrupting lots of people definitely doesn't make economic sense.
People may quit the UK, and many may say good riddance. But they're taking their spending power with them.
Politicians talk about extracting £xBn from tax avoiders as though the money is just sat around in suitcases under people's beds doing nothing productive.
In reality, it ain't that simple.Comment
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Originally posted by SantaClaus View PostLooks like I will def. be voting "none of the above" then.Comment
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Originally posted by DonkeyRhubarb View PostOn the face of it sounds simple.
People who avoid tax are pure evil, so let's screw them right into the ground. Seize their assets, take their homes, make them bankrupt etc.
However there is an economic cost to this. Yes it boosts the Treasury's coffers but it takes money out of the economy at the same time. Bankrupting lots of people definitely doesn't make economic sense.
People may quit the UK, and many may say good riddance. But they're taking their spending power with them.
Politicians talk about extracting £xBn from tax avoiders as though the money is just sat around in suitcases under people's beds doing nothing productive.
In reality, it ain't that simple.Comment
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