Tax planning

Tax avoidance is legal; tax evasion is illegal.

Anyone who is self-employed or has other sources of income knows just how much grief the small taxpayer can get from the Inland Revenue.

It will bring joy and glad to your heart to hear that according to the National Audit Office report almost 1/3 of the largest business in the UK pay no tax.

That's right. Nothing. Not a penny.

And more than that, the Inland Revenue seem content with the situation....
The taxman was quick to rubbish claims that large companies were not playing fair.

‘It is ridiculous to suggest that business does not pay its fair share of tax. Businesses are using the capital allowances and deductions that government has put in place. ‘These are not loopholes ­ but are properly policed business reliefs,’ an HMRC spokesman said.

How can this happen? I've previously explained how New International pay no tax in the UK, and it seems that Labour's fawning approach to large business has allowed the multi-nationals to write the legislation is such a way that they can exploit the loopholes they author and avoid a UK tax liability.

Clearly the balance has shifted too far, and it's about time that Labour remember their redistributionist and socialist heritage and stop pandering to the global financiers.