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flat rate penalty hmrc Post Review

I have been highlighting for 3 years now that HMRC objectives of ‘maximise revenues’ will drive the culture & behaviour. When I look today, guess what, have the objectives been subtly changed with the word ‘maximise’ quietly dropped.

Tax Amnesty for 2018....Let’s close this whole debacle of retrotax. introduce a tax amnesty with a flat rate of 15% no penalties, interest & accept that hmrc & government pay something for allowing tax vehicles to exist unabated for decades#noretrotax

I think a 10% flat rate that closes open years and LC would be acceptable to most. 10%, no interest, penalties or any other BS that doubles the total. But very few people trust @HMRC.

My submission to @loanchargeAPPG suggested that HMRC could offer a flat rate 20% settlement to get cases dealt with easily & promptly & make settlement more accessible for many. (APPG chose to suggest 10% in their final report). Or HMRC could drop interest & IHT & APN penalties

Flat rate #penalty to apply in all cases of #VAT #fraud - read the latest here. #HMRC

#LancashireHour HMRC are now charging a flat rate penalty of £100 for any late income tax return regardless of the amount of tax outstanding

Adult industry workers: File your self assessment tax for £200 flat rate fee* so you can get a mortgage, qualify for a pension when you decide to retire, avoid HMRC penalties and fines

In this case, HMRC applied a 'deliberate' penalty to a taxpayer who chose the wrong Flat Rate Scheme category - appa…http://lnkd.in/dM5ZMmz

In Idess Ltd, HMRC issued a 'deliberate' penalty for an incorrect choice of a Flat Rate Scheme category. Outrageous …http://lnkd.in/de5qG3f

#AutumnStatementVAT flat rate will be shut down - small businessPenalty for tax avoidance schemes HMRC defeats

flat rate penalty hmrc Q&A Review

What would you like your taxes to be spent on?

Short answer: ,I would like my taxes to be spent on… implementing a better, fairer, simpler and more progressive tax system. Long answer: Preamble Every year millions of pounds and man-hours are wasted in dealing with bloated over-complex tax laws and regulations by individuals and corporations with the sole purpose of minimising tax liability. The HMRC (and probably other governments have the same problem with their taxation/revenue authorities) spends huge resources playing a cat and mouse game in trying to make individuals and corporations cough up. At the same time the corporate revolving door from HMRC to tax consultancies and “The Big 4” accountancy firms ensures that tax loopholes and tax obfuscation and exploitation of technicalities continue to be big business. So the first thing I would do is to reform tax itself. I would take a technocratic axe to tax laws. Tax is complicated because it is used as a political and social engineering tool. So tax rates and regulations need to be divested from the politicians, and needs to be managed by technocrats - perhaps an academic or professional body of some sort (in spirit like the Bank of England sets interest rates). I see no reason why personal taxation can't be simplified to a few A4 sheets of paper in plain English. Everyone pays - even low earners - to the same flat-rate percentage. Furthermore, with today’s IT systems it should be easy to have a very dynamic tax system that adapts to revenue requirements and economic conditions. Corporate taxation is understandable more complex - so I'll allow that a few more A4 sheets. Again, there should be a simple flat rate on all profits made in the country, no ifs no buts and the simpler it is, the less chance for obfuscation and loopholes. The rate of tax should be maintained at a low enough rate to make any type of professional tax avoidance a waste of money. Strong legal consequences need to be developed and enforced to prevent hiding of income. Tax avoidance should become synonymous with tax evasion - even for multi-nationals, and I would consider very harsh penalties for the leadership and management of corporations that evade tax - with mandatory custodial sentences and barring of convicted tax evaders from holding any role on a board or directorship for say 10 years. There needs to be a total unequivocal global ban on tax havens like the Channel Islands. Hopefully the career of option of “tax consultant” or “tax lawyer” will fade into history much like lamp-lighters and rat-catchers. So having addressed the tax system, and hopefully implemented an efficient and low-cost tax regime that maximised revenue we can begin. Universal Basic Income (UBI) This is an old idea that has been tarnished (usually by conservatives) for being Utopian or anti-capitalist (,http://fortune.com/2017/06/29/universal-basic-income-history/,). But think about the amount of money governments spend on social security programmes, means-testing, investigating and prosecuting benefit fraud, administration of claims and all the infrastructure to support this. Having a simple non-means-tested minimum income set just below the poverty line (so it is unlikely to be the sole income - but would be just enough to make do) would be the safety net to ensure people have enough to fend for themselves whilst training or even starting a business. It is quite probably going to be abused and might cause other issues and of course some people will still need additional assistance (e.g. disabled citizens), but the vast majority of people will be taken out of the benefits system, and there would no longer be job-seekers allowance. A great discussion on UBI can be heard on ,Sam Harris’ podcast,, including a pertinent point on the not-too-distant societal impact of AI and robotics. 2. Universal Basic Education and Training (UBET) We are already in a world where jobs are being lost to automation. So if people's very basic needs are addressed by the UBI, that means we could have a large number of people who have no purpose in life and that could have a detrimental impact on society in ways we cannot yet properly envisage. Even people who do have work may only work part time because of increased productivity from automation and AI or they may choose to (or have to) work 2 or 3 day weeks for example. There will have to be a new way of filling this time and I think a NES (National Education Service) may be what is needed. This could be a means to increase skill levels, allow people to cross-train to other careers, or simply to develop new hobbies. The NES could be an extension of the Department of Education but geared for a lifetime of learning that moves beyond college and university tertiary education. As with UBI, it is not means-tested but obviously some selection will be necessary for certain courses. UBI and the UBET are huge changes to society and involve much economic restructuring and a new way of valuing people and their skills and time. 3. Foreign investment and wealth inequality The seemingly generous appearance of UBI and UBET could prove to be a source of abuse locally and globally - with increased pressure of immigration, particularly from countries where people don't have any social safety net. So there will be a need to tackle issues of poverty in the 3rd world almost - if not more aggressively - than it is tackled at home. I would propose radical foreign investment and (to a lesser extent) aid programs to quickly raise living standards in the 3rd world, and couple this with a very tough immigration system. I would go so far as to say that our own tax system may need to have an in-built incentive to invest overseas. It may not be PC or popular to say so, but the West needs to embark on a significant amount of nation-building in problem areas around the world to reduce and eliminate the wealth and living standards inequality that is such a driver of migration. 4. Sustainability We also need to look to the future health of people and the environment, and this means a carrot and stick approach to completely phase out fossil fuels or minimise its use to exceptionally special situations. We need to fund the development of alternative clean energy sources and develop alternatives to the kinds of plastic that we have become addicted to over the past few decades. Finally we need to develop an industrial template that has recycling and environmental neutrality built into its core processes. I know none of these are specifically ,spending, of taxes, but I think it should form the basis of the progressive tax ,collection,. That is, polluters pay more, and companies that are demonstrably clean pay less. This may complicate tax collection (something I’m keen to avoid) but it might be something to consider. 5. Mental and physical healthcare and welfare Finally we need to adequately fund healthcare - the NHS. This is only last in my list because I think we already have a fine service, but it needs to evolve and modernise. I would take it out of the orbit of political interference, but additionally it needs to take on mental health care as well as social care in a holistic way, particularly with an ageing population. It should also work with closely with the NES to help people manage their lifestyles and choices.

What is the advantages and disadvantages of private limited company?

A private limited company or an LTD is a type of small business entity. This is one of the most, if not the most, popular business structures out there. The popularity of the LTD stems from the fact that it is an entity unto itself. This means that it is an actual legal entity recognised by the government as though it were its own person, and this reason right here is where all other benefits of an LTD stem from. To name a few appealing characteristics of an LTD, refer to the list below: Legal Entity, - The LTD can open bank accounts, enter into contracts or even become liable under its own name. Limited Liability, - The LTD provides some sort of protection for individuals who choose to buy shares from the company. As long as the LTD is there, any liability beyond the invested amount of shares by a shareholder falls to the company. Unlike the sole trader structure, directors and shareholders don’t run the risk of losing their personal assets should something negative occur to the company. External Investments & Raising Capital, - Another appeal that this structure has is that it allows for external shareholders to be part of the company. As more shares are sold, more money comes in which can be used as capital for company needs. This allows investors to more easily invest in a company unlike if it were an LLP where the named partners are the only ones allowed to hold shares. Lest business owners want an angel investor as a partner, they’d be much better of as an LTD. Investors tend to also not want the requirement of having to be active in the daily operations of a business, as a partner would most likely need to do. Trust, - An LTD has greater capacity than a sole trader in garnering trust from other possible business partners. If you are more trusted by other companies, it’ll be much easier for you to build up your business as you will have more connections you can rely on. This also branches further out to your market or the individuals you cater to. As an entity with a lot more “professionality” and legitimacy due to the need of incorporation and registration with the Companies House, people will more readily rely on you for services. The transparency of an LTD isn’t a weakness but rather it’s strength. People will more easily trust those that don’t have anything to hide because they can’t suspect them of anything then. Tax-Efficient income, - compared to sole traders, LTDs have it way easier in the tax department. Corporate tax is a flat rate of 19% of the profits. The director can take the maximum non-taxable amount from the profits, which in the case of years 2019-2020 is £12,500, the remaining amount can then be taken from dividends as these have lower rates of tax. It’s a great way to legally circumvent paying more taxes for what you earn. A business can defer tax by leaving surplus profits in the company bank account. Business Name Protection, - as an incorporated and registered company with the Companies House, your name will be legally protected. No other business can lay claim or make use of it. This protects your business in more ways than you can think of. People trying to ride off of your coattails won’t be able to as there are specific laws in place that prevent a business from having deceptively similar names. Perpetual Succession ,- even after the death or departure of an owner or director, the company will continue to exist. This is tied in with the first item on this list. As a separate legal entity, it does not need the same individuals to be there running the business for it to exist. With all these benefits at play, it isn’t a wonder that you are considering this as an option. The LTD isn’t a perfect structure, however, as it still has some disadvantages tied to it. Listed below are the negatives of operating as an LTD: Getting Registered, - starting an LTD requires that you file with and are approved by the Companies House. A sole trader only needs to register with the HMRC and have an Insurance Number. If a person has all these then they could operate as a sole trader, no problem. Starting an LTD, on the other hand, is a lot more complicated. You need the following in order to set up your LTD: At least one company directors At least one shareholder A name that isn’t deceptively similar to an already existing company’s name. A company address registered. Articles of Association Set-up company for Corporate Tax Register with the Companies House Loss of Privacy, - there is a need for people of power in a company to have their information listed and published on the Companies House website. The company’s privacy is also lost as there are some documents that are published on the Companies House website that are accessible to the public. Hard to Handle Accounts, - Financial documents of the company need to be accurate lest you want penalties. An LTD needs to file tax returns, keep records of business accounts, expenses and VAT returns, to name a few. If any of these are inaccurate then penalties are sure to be in-store. Professional Help Costs, - An accountant is usually necessary due to the complexity of LTD accounts. This means added expenses for the professional service that you will be needing. Closure ,- closing your LTD is just as hard as getting it registered as an LTD. It can take you up to three months to actually close your company down. While it may seem daunting at first with all the formalities and legalities required to register as an LTD, in the long run, putting in the effort to set up your company under this structure will benefit you more. If you’ve got more questions about what kind of business structure will suit your interests, ,book a call with our legal team at Linkilaw ,and we’ll be more than happy to answer any of your questions.

What is your workable solution to the UK housing crisis?

Let me preface this with a few things: The number of dwellings in the UK has increased by 45% since 1971 from 19.3million to 27.9million. The population of the UK has increased by 16% over the same period from 56million to 65 million. Source: https://www.gov.uk/government/uploads/system/uploads/attachment_data/file/423173/LT_101.xls You will be told the problem is immigration coupled with a shortage of housing. It is a lie. You need to ask yourself who is doing the lying and why? So Ken how do you fix the housing ,shortages,? Well the first thing is as above to recognise there are no shortages. What has happened is this: In short landlords have cornered the market. People like this would would make ,Peter Rachman, blush. Landlord evicts four for having babies Landlords could corner the market because they could borrow against their current properties to obtain more. They also received tax relief against their rented out properties. All of this conferred significant advantages towards landlords and major penalties towards owner occupiers. In short: A landlord could access considerably more credit than you can and outbid you. A landlord could get tax relief off his higher bid that wasn’t open to you. A landlord had sticky wealth meaning whenever he bought it would increase the above two points. So what happened? S24 happened. In short these were tax relief changes. This was phased in: Initially W&T wear and tear allowance of a flat 10% on gross rents were eliminated Then the tax relief was taped off from the landlord’s marginal tax rate down to 20%. George Osborne for all his sins realised one day that renters don’t vote conservative. While landlords do. He did the maths and there increasing numbers of renters compared to landlords. The above Fergus Wilson he and wife have 2 votes in total. He has 1600 houses* Therefore at least 1600 votes to capture. So what would you do Ken? I would implement S24 as above but with a faster taper. The tax taper will only fully come into place in 2020. I would have a national registry of landlords to prevent their tax evasion which in my experience as an accountant is quite a big problem. All this requires is a linking of HMRC and the land registry. Though this is the UK government we’re talking about so this is like parting the Red Sea. I would 2008 the banks. A lot of people think OMG 2008 banking collapse would destroy the world. Um no it wouldn’t. Some banks would collapse but the survivors would buy out their assets. This would pop the credible bubble immediately. On a wider scale I would bring back Schedule A income. Schedule A income was rental income. I would change Schedule A income to unearned income. Complicated? No we already have schedule F of tax from dividends. Adding another category would not be difficult. This means that unearned income - that is somebody who does nothing and only rent seeks gets taxed more than earned income as rent seeking is harmful to the economy.