Labour’s plans to crack down on tax-dodging corporations revealed

[Borchester]

You'll be telling me I'll have to start paying PAYE and NI next 😜

Let us hope not.

Only civilians end up on PAYE

[Nick]

And if HMRC have the time and resources (which is unlikely) it might take a closer look at the company accounts. Which means that next time Pat motors up to Morrisons for a few bottles of their sparkling water, he will have pay for the petrol himself rather than putting it down as a business expense

You'll be telling me I'll have to start paying PAYE and NI next 😜 

[Borchester]

Don't think it is, the only thing that is happening is that the determination is being handed back to the contractor and not the client.

And if HMRC have the time and resources (which is unlikely) it might take a closer look at the company accounts. Which means that next time Pat motors up to Morrisons for a few bottles of their sparkling water, he will have pay for the petrol himself rather than putting it down as a business expense

[papasmurf]

Indeed , always make sure your expenses are higher than  your declared earnings

MPs seem to be very skilled at that.

[Nick]

Nevermind, the IR35 off-payroll working rules will be repealed from 6 April 2023...

Don't think it is, the only thing that is happening is that the determination is being handed back to the contractor and not the client.

[Streetwalker]

 tax itself is usually a quite straightforward business.

Indeed , always make sure your expenses are higher than  your declared earnings 

[Borchester]

I was going to respond to this yesterday but got sidetracked

I think it is fair to say the account holders at a certain offshoot of the bank of Ireland dedicated to assisting politically exposed persons to hide their loot, who I last assisted back when Gordon Brown was PM, come from a wide political spectrum.

I have no reason to believe the establishment is not still doing a roaring trade.

the Problem, if you ask jimmy carr, is that HMRC don't go after accountants, so they are immune when they give you inaccurate advice.

That is show business.

I once had an accountant howl abuse at me for 15 minutes without repeating a word. At least I don't think he repeated himself. I picked up a few words of Yiddish, Polish and Russian which seemed to suggest that he did not agree with the assessment HMRC had raised on his client.

Anyway, when he finally drew breath I said well Mr X, you are probably right, but unless we get the gelt by close of business tomorrow we will be levying distraint on both his home and his shop. And if that doesn't work the case will go to Worthing for bankruptcy proceedings.

And the accountant said, let us not get worked up. My client has just left. How about 6 months time to pay?

We settled on three.

The thing is that the public go a bit loony when it comes to taxes. They always think they are being robbed and that there is an accountant somewhere who will save save them telephone numbers, whereas the relationship between HMRC and accountants is usually quite affable and tax itself is usually a quite straightforward business.

[patman post]

Nevermind, the IR35 off-payroll working rules will be repealed from 6 April 2023...

[johnofgwent]

I doubt very much if they are breaking any laws so this means that Labour are planning law changes which won't get those companies to pay tax to us they will simply move their operations to countries with more favourable situations. We have seen it all before and Britain will be seen as no longer open for business.

I was going to respond to this yesterday but got sidetracked 

I think it is fair to say the account holders at a certain offshoot of the bank of Ireland dedicated to assisting politically exposed persons to hide their loot, who I last assisted back when Gordon Brown was PM, come from a wide political spectrum.

I have no reason to believe the establishment is not still doing a roaring trade.

the Problem, if you ask jimmy carr, is that HMRC don't go after accountants, so they are immune when they give you inaccurate advice.

[patman post]

That will get big business setting up in other countries, no wonder big business leave every time Labour are in power.

Exactly.

Unless there's international agreement on curbing the shifting of profits to low-tax economies, shaming customers into not trading with these companies, and the guilty companies deciding to use paying local tax as an image boost, it's a forlorn hope.

But too many countries still base their economies on being tax havens...

[Streetwalker]

Its a nothing policy ,  a minimum  15% corporation tax  where countries do business was agreed between the worlds leading nations last year . Labour spouting off for spouting offs sake .

Nations agree to 15% minimum corporate tax rate - BBC News

[papasmurf]

It's like pulling teeth.

The links are there. If you register for weekly update emails you will be informed. The British media/press are not doing that. (Apart from the Ecclestone case.)

[Nick]

Another "go figure" post, drives me nuts.

It's like pulling teeth. 

[patman post]

That is quite a leap. But a typical one.

All I saw was a policy of not awarding government contracts to companies based in tax havens. What is wrong with that?

I want my taxes to be used to give work to those who are also paying their dues, not dodgers with zero patriotism.

Agreed — unless it works to the UK's disadvantage...

[papasmurf]

Another "go figure" post, drives me nuts.

There is nothing "go figure" about it. The information is there and easily searchable.