Digital tax: 'HMRC wants a direct link to everyone's bank accounts'

[Spent2much]

Re: Digital tax: 'HMRC wants a direct link to everyone's bank accounts'

The higher up you are the more power you have , 'money does talk'

The house of lords are moaning now that their £300 a day isn't enough .

[Spent2much]

Re: Digital tax: 'HMRC wants a direct link to everyone's bank accounts'

we're heading towards a cashless society , that way we're able to be monitored on everything we buy and by using a debit card they know where we are too . Scary !

[SXGuy]

Re: Digital tax: 'HMRC wants a direct link to everyone's bank accounts'

As I said before. They already know. Nectar cards give them that info already.

[Never-In-Doubt]

Re: Digital tax: 'HMRC wants a direct link to everyone's bank accounts'

As I said before. They already know. Nectar cards give them that info already.

Do what? How, exactly?

[SaltnVinegar]

Re: Digital tax: 'HMRC wants a direct link to everyone's bank accounts'

The issue with Google is a simple one. They did nothing wrong. They used the law to effectively reduce their tax bill.

And I genuinely don't have a problem with that (as long as that is the case!)

But HMRC need to apply that philosophy to ALL businesses, which, unfortunately they do not, but instead the full weight of the beaurocracy is brought against small traders because they know they lack the resources to fight against it.

[Pixie]

Re: Digital tax: 'HMRC wants a direct link to everyone's bank accounts'

With the fall of accountants tax payers will end up paying more than what is due in the attempt to keep hmrc off their back. It's a very sad day and I'd advise everyone to please sign the petition to stop what they are trying to do as we will all lose in the end

Have you got a link to the petition SXGuy?

[Deepie]

Re: Digital tax: 'HMRC wants a direct link to everyone's bank accounts'

As I said before. They already know. Nectar cards give them that info already.

Do what? How, exactly?

Same withTesco club card .....they know what you buy every time you use your club card it records all what's on your recipe .....

I'm lucky having a cash business all my shopping and entertainment is paid with cash .

[alland]

Re: Digital tax: 'HMRC wants a direct link to everyone's bank accounts'

And this is what I get really annoyed about

The cost of micro-examination of finances during these investigations is frequently completely disproportionate to (and in some cases probably exceeds) the sums of money they are investigating.

I bet that Google wasn't subject to the same level of examination when they got away with paying a fraction of the tax that they should have done over the last 10 years.

A few years ago our business came under the scrutiny of the inland revenue with an investigation (malicious tip off by by Sons ex wife). The investigation took almost 2 years, they completely dissected the business accounts going back 5 years, same with personal bank accounts, cost us thousands in additional accountancy fees, they did come up with a ridiculous figure they said we owed in back tax and penalty interest but our accountant rubbished most of the claims and we eventually walked away paying them a quarter of what they originally said we owed. It wasn't a pleasent experience and not one I want to go through again, but just in case we now carry insurance to cover investigation accountancy fees on the off chance our name gets flagged up again in the future.

Talking of the Inland Revenue I'm a whole lot less well off than I was at this time yesterday, I reluctantly pressed the "submit payment" button for my tax bill yesterday afternoon....

[jadex]

Re: Digital tax: 'HMRC wants a direct link to everyone's bank accounts'

It's like we're being punished for being self employed .

unfortunately, that's the way this country is going for the moment (and has been for some time, IMHO)

[jadex]

Re: Digital tax: 'HMRC wants a direct link to everyone's bank accounts'

we're heading towards a cashless society , that way we're able to be monitored on everything we buy and by using a debit card they know where we are too . Scary !

also EVERY time you meet police ANPR car, your car's whereabouts are stored in police database without your consent (apparently, police has never ever been granted that power)

[SXGuy]

Re: Digital tax: 'HMRC wants a direct link to everyone's bank accounts'

Have you got a link to the petition SXGuy?

I think it petition reached over 100,000 because I've just read it was debated in parliament last Monday. Will have to try and find a link to the discussion

[julian]

Re: Digital tax: 'HMRC wants a direct link to everyone's bank accounts'

I can't really see why self-employed think they are persecuted. As a long term PAYE sufferer, because self-employment was never an option, it has pained me to have to pay for my tax and NI at source, school extras, transport, entertainment and meals in fact the full cost of living. I have seen my self employed siblings ad friends on great money earners having loads money for no apparent personal effort, but canny accountants. I always wondered how solicitors, doctors, taxi drivers, electricians etc living in large houses and ;driving several large full expensed cars could have children studying on full grants and driving large cars whilst PAYE kids have to take up paid work as the have no grant and starve. Jobs in cafes, boarding houses and small shops paid a pittance and the employers were constantly complaining of costs, whilst off for the winter to sunnier climes. That was close to slavery.

At the bottom of the pile self-employed and PAYE are both unenviable. The laws of economics should prohibit self-employment if the returns are negative, unless the enterprise is not based on monetary income.

[julian]

Re: Digital tax: 'HMRC wants a direct link to everyone's bank accounts'

Monitoring on OysterCards has led to many rejecting their registration. However, on the plus side, the Big Data does allow some control over terrorism, physical and monetary. With fewer police the use of computers is required to fill the void.

[nanna58]

Re: Digital tax: 'HMRC wants a direct link to everyone's bank accounts'

Where can I find the petition ?

[SXGuy]

Re: Digital tax: 'HMRC wants a direct link to everyone's bank accounts'

Julian I see where you are trying to come from however I think you missed a valid and clear point regarding the differences. While it may be true self employed appear to be better off, it's because they set the level of income they wish to receive, they are not bound by a fixed wage. 2ndly you can not bar someone from filing negative accounts. It simple doesn't work that way. Plenty of start up businesses will earn a loss in the first 18 months. They does not mean they will not earn a profit at some point. It just means they have had to spend more than they have received in income simply put. Further to this a business can also be in profit but have a loss which has carried forward to offset the tax due.

While self employment may look rosey to you. Let's not forget we also have to pay double the amount of tax you do. (2 half estimates on account Jan and July.)