At #HMRCconf @JaneEllison continues saying UK taxation must be internationally competitive to promote UK businesses. @The_IoD @IoD_press
— Stephen Herring (@Stephen_Herring) September 5, 2016
I agree, but competitive does not just mean tax rates it also means being simple, unbureaucratic and efficient!
Tax does have to be taxing.
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Competitive tax rates are indeed only part of the equation. The tax code needs simplifying and UK PLC needs an efficient and professional tax authority which acts with integrity to administer the system. HMRC have proven they aren't up to the job so where do we go from here?
ReplyDeleteWhat UK PLC also needs is an accountancy industry which does not see endless opportunities to undermine the fiscal base of the economy to feather their nests and that of shareholders
ReplyDeleteWhat UK Plc needs is strong private & public sectors. Companies have a legal duty to maximise profits and its quite natural for people to want to minimise their tax liability. Tax is not a moral matter and the UK cannot rely on a change in the industry. So long as you comply with the law you meet your obligations. Hence the tax code must be simplified. There is a balance to be struck as the UK wants to encourage inward investment. The economy will thrive and more revenue will be collected overall if taxes are low and simple. HMRC for their part need to act with integrity, become more efficient and ensure they have properly skilled and resourced staff to catch those not playing by the book. There is no evidence that the incompetent senior management at HMRC are remotely up to the job.
DeleteTheir is no legal duty to maximise profits!
DeleteWhat the head of the IOD means by competitive tax rates is a 0% corporation tax rate!
ReplyDeleteI am sure the IOD does not mean 0% and that they understand a tax base is needed to pay for vital public services & infrastructure. Of course, as their job is to promote UK business, I am sure they aspire to lower tax to encourage investment. Better to have significantly more businesses paying low taxes, than a much smaller number paying high taxes - not to mention such an approach creates jobs, wealth and a thriving economy in the UK. Low taxes must be paid however, hence we need a properly run, skilled and resourced tax authority.
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