Today's Doom and Gloom thread

[Sysman]

Stealth tax: Be afraid. Be very afraid

"Here's how it works. At present, anyone who is found to have taxable income they have not declared on their return may be subject to a penalty anywhere between 100 per cent of the tax due and nothing at all. That wide range of outcomes reflects the fact that deliberate tax evaders deserve to be punished, while those who merely made a mistake only need to pay what's due.

...

From next April, the minimum penalty that can be applied will rise to 20 per cent of the tax due. Mrs Beech hopes inspectors may still apply a "de minimus" rule and impose no penalty where undeclared tax is £500 or less."

Happy tax form filling!

[Sysman]

Financial crisis forces Britons into austerity

"Families are having to cut back on groceries, eating out and holidays as the credit crisis starts to have a profound effect on household spending, research by The Daily Telegraph has shown."