Uk budget 2014 - Osborne gives powers to HMRC to take your money

Hi everyone

I read this the other day online that the new budget for the UK 2014 , Goerge Osborne has given the HMRC
powers to access the publics bank accounts to take unpaid taxes in excess of £1000 provided they have over £5000 in their accounts.

UK Budget 2014

Now I have no issues with people paying taxes where they are owed, but does this not circumvent data protection with the banks as a private entity ?

In any case my main issue is this , should the government be given powers to do this as they have and take from the public , which is pretty much in my opinion state sanctioned theft.

Should the UK government not also then empower HMRC to take unpaid taxes from Corporate bank accounts , as our curent unpaid corporate taxes far exceed the total owed by the public

effectively again this is the merger of State and corporations , fascist in its intentions
we can quote Mussolini

"Fascism should more properly be called corporatism because it is the merger of state and corporate power."

Could one just get multiple accounts at multiple banks keeping just under 5000 euros in each one to avoid this?

reply to post by doompornjunkie


that is a very good idea, but I want to know under what authority and what legal right do the government have to breach data protection with our banks and basically take money from us ?

I have already emailed number 10 to check if they also plan to claw back the millions of unpaid corporate taxes , since they can legally do so to the public the same should apply to the private sector

I am assuming that by the anti conservative rhetoric you are a labour supporter??

Actually the Budget 2014 is further proof that The Chancellor and in fact the coalition has our economy well and truly back on track.

By April next year you along with everyone else will have a tax allowance of £10'500... that means you won't have to pay a penny in tax until you've earned over that value.

That's pretty good going since Labour had that rate at £7'400....

We are seeing our unemployment figures coming down, house prices going up and now thanks to the budget positive options for savers.

Even if you don't agree with conservative views, you can't dis the government for doing their absolute best to get us back on track economically!

Peace,

Korg.

Mhmmm......Cyprus coming stealthily to a country near you......

Rainbows
Jane

reply to post by Korg Trinity


where did I mention anything about the conservative party ?

this thread is specifically about the changes which empower the government to take from the public for unpaid taxes of over £1000 you know this would have been voted on by MP's as in all of parliament not just the conservative party

but those amounts are a drop in the ocean compared to unpaid corporate tax , well isn't that wonderful that I wont have to pay taxes on earnings over that amount , shame I havent had a pay rise in the last 5 years due to government budget cuts in the public sector and my pay has been frozen as a result .

So regardless of the tax banding changes it wont make one bit of difference about house prices and anything else when the public are being charged more and more to pay for general items of food and clothing and energy

Instead of assuming Im a labour fanboy , why don't you address the issue of taking unpaid public taxes and not taking the 60 million odd unpaid corporation tax?

and my point is that no they are not doing their absolute best to get us back on track as they don't have us within their best interests , if this was the case they would attack the corporations first before the public, after all governments are here to serve us and maintain our rights not force us into debt slavery at the hands of the corporate elite

sapien82
reply to post by Korg Trinity

 

where did I mention anything about the conservative party ?

Did you not mention the Government?? Who has majority stake in the current coalition?

What most socialists appear incapable of understanding is, these large corporations that you say owe us so much tax are the very companies that are creating new jobs and positive traction in our economy.

What we do not want to do is make it so that these corporations avoid the UK, that would very bad for everyone.

Try and think the bigger economic picture rather than with an 'it's not fair' kind of outlook.

Peace,

Korg.

reply to post by Korg Trinity


So are we just to let them off by not legally paying taxes which they would normally otherwise do as a business , or are they above the law in essence much the same as the government making changes like this are indeed a power unto themselves ?

Yes I referred to the government not specifically the conservative party I am well aware they have the majority seats in the current electoral dictatorship , but that is not the point

Theses corporations are a drain on our society as they take away from other small businesses which drive competition, diversity and creativity , sure they bring jobs but move on when they find cheaper labour overseas
they get off with the tax evasion and then dump us like a hot coal

sapien82
reply to post by Korg Trinity

 

So are we just to let them off by not legally paying taxes which they would normally otherwise do as a business , or are they above the law in essence much the same as the government making changes like this are indeed a power unto themselves ?

Yep we should if that is the deal that would secure the corporations operating from within the uk and thus creating an economic net positive effect.

And no they would be subject to the same laws as everyone else, just they get a kind of discount deal on tax due the volume of business they represent.

This is nothing new.... Often businesses will move to newly developed business parks because of very low or no business rates being charged for a period....

Remember where a business is based is entirely their choice... it's a global free market.... If you want to attract the right kind of business into your country you have to make it attractive for them to do so.... or they simply give your country a miss.... It's cold and it's hard but that is just the way Business is!

It's thinking like yours that lost this country it's motor trade!!!

Peace,

Korg.

reply to post by Korg Trinity


I must be missing something , unpaid taxes are unpaid taxes whether its me or you or Mcdonalds, O2 , Virgin whoever
they get the business opportunity to come here and make money but then don't pay back !

Remember these are outstanding unpaid corporate taxes , which are not part of their "tax breaks"

this benefits no one other than the corporations and the career politicians who give them the handshakes

you seem very keen on allowing this sort of behaviour are you a CEO by any chance

sapien82
reply to post by Korg Trinity

 

I must be missing something....
you seem very keen on allowing this sort of behaviour are you a CEO by any chance

Yep...

Think about that for a moment....

If a business comes in and brings 2 billion pounds worth of investment and your positive net economic return for this business operating in your country would be say 3% annually... that's £60,000,000 every year...

Now ...

Now let's say that the corporations tax is around 23% of all profits.... and the business makes a 43% profit margin.... that would mean given the corporation tax they would only make 20% margin or £400,000,000 instead of the full margin at£860,000,000.

So they cut a deal with the government to pay a reduced amount of tax... the government agrees to look the other way or to come to a formal arrangement to ensure the 60 million pounds economic benefit comes to the UK that fiscal year.

They would offset the total tax they would accept by the financial benefit.

This is how international business works.

Do you follow?

Peace,

Korg.

George Osborne is a sneaky little creature who wants to make the U.K. HMRC like the U.S. IRS. I lived in both countries and I have recently had the IRS stop my account for NO reason. I mean, I didn't owe anything, I didn't receive any letters saying I did, and no apology was ever given, even though for an entire week I could only feed my kids sandwiches for dinner with no access to my account.

reply to post by Korg Trinity

you are incorrect about the current "economic recovery". The banks are receiving free money from the Bank of England, to lend out at a percentage. This means that the banks can make whatever risky investments they want, knowing that the government will bail them out with taxpayers money. It is a dangerous precedent.

Now, the recovery in the UK, fueled by low interest rates is a false one. The Uk has a current account deficit of over 5% GDP, the worse of any G7 nation. The debt to income ratio is growing year on year, wages are still declining, and the cost of living is still increasing. Oh yes, inflation is down they say, but only because they now neglect to consider the rising cost of food in the rate.

www.telegraph.co.uk...
www.mirror.co.uk...

The recovery is a consumer credit based one, where people are "happy" that their home prices are going up (artificially by cheap money and loans, as in 2008) so they spend more. 2.4% increase in UK house prices in february is frightening, and 7.9% year on year (Halifax, 2013) is ridiculous.

Just wait till 2016, when interest rates will have to go up and we will have another property crash. I don't see any way around it.

DARKJEDIG

you are incorrect about the current "economic recovery". The banks are receiving free money from the Bank of England, to lend out at a percentage. This means that the banks can make whatever risky investments they want, knowing that the government will bail them out with taxpayers money. It is a dangerous precedent.

You're quite wrong...

The danger for our economy is not about toxic debt anymore, this issue is more than being monitored now. The real danger for us is a runaway economic scenario where the infrastructure to sustain a strong economy is not in place.... We need to ensure the growing economy does not outstrip our ability to contain it by bolstering the robustness of our economy with a strong business sector. Also to ensure that we are cutting as close to the bone as we can to get all the possible revenue that is available to where it needs to be.

But this danger is something that thankfully we have quite a bit of control over... if we need to shore up the economic growth or stall it to a degree we have mechanisms such as interest rate rises that will enable us to control the ascending economic trend and prevent it from stalling.

Hope you can make sense out of my words,

Peace,

Korg.

reply to post by Korg Trinity


So by definition the Government and corporate entities are essentially breaking the law or they are using some sort of loophole in our legislation , and by exploiting loopholes you are essentially cheating the system

ultimately who wins , those in power and those at the top of the corporate heap and not those who support the system i.e the workers who make sure that the corporations run nicely without which there would be no corporations as they all started from small family owned busniesses at one point or other and then expanded and grew to become giants.

So this is not good for anyone in the UK , the people who vote for these systems are being treated abismally
Im not happy with it at all.

it is essentially as bad as money laundering , all that money unchecked and unaccounted for sifted off the top in bonuses and pay deals and we get shafted.

sapien82
reply to post by Korg Trinity

 

So by definition the Government and corporate entities are essentially breaking the law or they are using some sort of loophole in our legislation , and by exploiting loopholes you are essentially cheating the system

Just stop o.k.??

If you are unable to understand a subject, especially when it has been clearly laid out in such a straight forward way, then please realise you need to educate yourself before you actually make a comment....

That way you may avoid the egg you now have on your face.

Peace,

Korg.

reply to post by sapien82


It's essentially a state run 'Right to Set Off.'

Wow, and I thought it was only banks that would stoop to this level.

This is why a wage packet is a thing of the past. The mafia will take their cut ,no matter what,theres no escaping the filth.

reply to post by Korg Trinity


korg nothing is ever as simple as it seems , if anything they are using a legal loophole and people are skimming off the top , no matter what the business model is and no matter what the legal tax breaks for corporations are , they are unpaid taxes period
they have been rumbled before giving golden handshakes to skim off the top

Tax avoidance , david hartnett

remember David Hartnett head of the HMRC , rumbeld for taking golden handshakes from the likes of vodafone and Starbucks

its daylight robbery for personal gain

So you just stop with your defense of a corrupt system

I understand that you may possibly have taken my previous post as an attack on you personally as a CEO yourself , but if your a honest person that doesnt avoid taxes then good for you , but there are those who do take advantage