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9am Lowdown: EU to UK: "Pay us an extra £1.7bn!"

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24th Oct 2014
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Friday's headlines won't be good news for EU skeptics, or for fraudulent construction bosses. But they will delight those interested in new audit qualifications and Scottish tax devolution! (Also it's Friday. You should all naturally be happy anyway.)

EU to UK: "Pay up!"

The UK has to pay an extra £1.7bn to the EU's budget, as its economy has performed better than expected in recent years, according to the BBC. 

The EU has been performing new calculations as to how much each member state should contribute. This would add a fifth to the UK's annual net contribution of £8.6bn.

Unsurprisingly, the government aren't happy.

* * * 

Payback time for construction boss

Another dramatic HMRC press release this morning, as it tells us of a Limavady businessman ordered to repay over £113,000 or face three more years in prison.

Mark McAteer was jailed in 2013 for trying to claim a fake VAT refund of over £560,000. 

* *  * 

Labour urged to go further on Scottish devolution powers

A think tank has said the party should support the devolution of full income tax powers to Scotland. 

The Red Paper Collective argued the party's current proposals do not go far enough, said the BBC.  

* * * 

CIPFA's new professional qualification 

PublicFinance said that the body will launch a new professional qualification, including a module which is a first for the UK called the public audit qualification. 

It'll be available at the start of 2015 and will take between six months to three years to complete. 

* * * 

More tax measures in Ireland's finance bill

The country's finance bill was published this week, including tax measures such as a toughening up on avoidance schemes, an incentive for foreign executives and an extension of approved retirement funds to 25 years. 

Read all about it on the official government website.

Today, we're asking nothing too taxing (get it?). What are your weekend plans? 

 

Replies (3)

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By ShirleyM
24th Oct 2014 10:00

UK has performed better?

For who?

So we have to pay another £1.7 billion. Going on this governments performance it will come from the low paid and middle earners. We must make sure the wealthy, and large companies, get tax cuts. It may encourage them to actually pay some tax instead of 'avoiding' it!.

Yes, I know I am being sarcastic and painting with very broad brushstrokes, but why oh why can't we have a simple trade agreement with the EU as intended?

Thanks (0)
Stepurhan
By stepurhan
24th Oct 2014 10:12

Weekend plans

Writing poetry and rehearsing a parodic dance routine. There may also be vegan cake involved.

Thanks (1)
avatar
By User deleted
24th Oct 2014 11:37

Corporate welfare bill ...

Here is an interesting slant ...

'.. Add to that the corporate tax benefits, the value of the cheap credit made available to banks and other business, the insurance schemes run by the government to protect exporters, the marketing for British business laid on by Vince Cable’s ministry, the public procurement from the private sector … Farnsworth calculates that direct corporate welfare costs British taxpayers just shy of £85bn a year ..'

http://www.theguardian.com/commentisfree/2014/oct/06/benefits-corporate-...

http://www.social-policy.org.uk/lincoln2012/Farnsworth%20P2.pdf

 

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