Many of the artificial schemes to shift profits to a more favourable domain may be 'legal', but only because tax law favours the multi-nationals.
Unless this is stopped, it will spell the demise of companies based solely in the UK, as it is no longer a level playing field, and the citizens of the UK will lose out because the profits are not used to benefit the citizens of the UK, except for those on the payroll.
I know the old argument that they provide employment, but remember that small businesses in the UK employ far more people than all the multi-nationals put together, but the small business is suffering the greater tax burden.
Tax law needs a radical change.
Well,of course they only collect it but if they weren't flogging anything there would be nowt to collect and remit to the Treasury
I agree that foreign benefit claimants taking the mick needs serious looking at or is that part of their "right" . If they want to run away from a nasty 'orrible regime hosue them somewhere cheap like up North or preferably the North East
Would a simple 15% across the board work ? No deductions for "royalties" to connected companies etc etc . As far as deductions are concerned how about a white lsit - either you match it or it is not claimable.
I think that HMRC should run a shadow test for such radical changes against a number of large and small taxpaying businesses and compare results. then we would know , wouldn't we ?
An end to the nonsense of when is cake a biscuit and all that . It makes for entertaining tax classes but....
How about abolishing personal income tax (and allowances )except for consumption taxes such as VAT. In order to make it fair each person over 18 gets a refund each year equal to the current personal allowance.
If you could declare independence how would you build your tax code ?
Well,of course they only collect it but if they weren't flogging anything there would be nowt to collect and remit to the Treasury
Flogging to who? The UK citizens who buy their goods/services and so pay the VAT that these multi-national companies claim to 'pay'?? The only 'tax' these companies are paying is employers NI and some will wriggle out of that by employing freelancers.
They treat the UK like a cash-cow. They make profits from the citizens of our country but they destroy wholly UK companies in the process, as they cannot compete with the multi-nationals. More & more large companies will jump on the bandwagon in order to be competitive, and the small businesses (that can't afford these sidesteps) will pick up the tab.
I would like to think that present company is excluded !
One person's reality is another person's fantasy . The reality of the rich man is the pipe dream of the poor man.
I think that the bloke on the radio presented a perspective that the populist press fail to grasp or are unwilling to present on a practical level.
One person's reality is another person's fantasy . The reality of the rich man is the pipe dream of the poor man.
It really bugs me when people trot out the old 'politics of envy' reasoning.
Would I like to be rich, selfish, greedy, put myself and my riches first, and to hell with the rest of the country .... no way!
Would I like to be rich and powerful ... maybe ... it would depend on the sacrifices I would have to make. But not because I am envious, (Ferraris, flash parties, and mansions, hold no appeal to me), but because of all the good I could do, and the help I could give, with that wealth & power.
I was not intending to refer to envy politics, rather to request that the situation is adequately explained in a way that everybody understands the issues. Perhaps we should term it "politics of reality"
Most people struggle to understand financial concepts beyond their everyday experience and even then many struggle to get a solid grasp. When they are fed good headline copy that panderx to the visceral instinct of the reader who can only dream of the riches dangled in front of them by the media , the debate loses serious content and veer towards that of the mob, who hitherto were more or less satisfied with their financial position or aspirations
Short termist and short sighted - certainly.
The phrase killing the goose that lays the golden eggs comes to mind.
The ultimate end is UK becomes third world poverty sticken country with no market for Starbucks and the like.
Be sensible, pay a reasonable amount of tax here for a long term customer base!
It's not such a flight of fancy to imagine UK being 3rd world. Empires come and empires go and ours is long gone. Give it enough time and many parts f the 3rd world will catch up and overtake us. Probably another 2 or 3 generations at the most.
The current cheap labour nations will become expensive and the current 3rd world will catch up to do China's work now once they have moved on. So where would that leave GB ? Certainly without the "G"
... unless big business skews things, eventually everything will level out globally, may take a bounce or two, may be then humankind can move out of puberty into adolescence!
I suspect that it isn't adolescence that beckons, rather retirement....at least for the developed economies.
We will probably see the equivalent of BRICS that denotes the up and coming , to describe those in decline
Perhaps WHERE - Western Hemisphere Economies Receding to Extinction
... civilization generally, rather than economies - if/when economies even out, we can may be start moving forward as a race, rather than the constant bickering over resources which are actually abundant enough for all, but are selfishly distributed.
In an ideal world business will become extinct full stop and we can all go and do something useful!
... I keep looking for tickets but can't find them at any travel agent!
I've been blogging on my website www.formationsdirect.com for some time with my non-PC view of the world of economics,business and other stuff. If you like to read the views of somebody who doesn't "toe the party line" you've come to the right place. Government cock-ups, financial turmoil , business scandals and people's behaviour - I've got something to say about it , whether you like it or not.
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No ... 1 thanks
... on many points -
Companies do not "pay" VAT, they collect it from the consumer on behalf of the government!
Increasingly such companies either employ migrant workers so the money gets spent at their "home" not the UK, or outsource abroad and have a very minimal amount of staff in the UK, many on NMW and paying very little tax or NI.
Meanwhile the dwindling minority of Uk resident tax payers then have to pay an increasing amount of tax to pay the benfits of the indiginous benefit claimmants, much of which is paid to non-resident Landlords so again is lost to the economy!
Yours faithfullly
Disgusted of Bigotly
:o)
I do agree wholeheartedly that the tax system is bust and not fit for purpose in a modern global economy!