in the old days a firm would make profits and then pay tax to HMRC on those profits the year after those profits were made. Now then a firm would have put back part of those profits to pay their taxes.
What has happened is that firms which made profits have either invested the profits or distributed it in dividends to the shareholders, but made sure that they kept back sufficient to pay the taxes due. They may actually have borrowed money from the bank to pay the taxes due.
Now what has happened is that the HMRC have, after instructions from the government, allowed firms to defer paying their taxes, mainly because they haven't got the money. But, eventually the firms will have to pay up, either that or the HMRC will bankrupt them. As they should, people made profits if they have squandered it then that is their problem, ifeven a penny in tax is due then it must be paid, otherwise they are just freeloaders.
Even when 'the recovery' comes people will still owe money to the taxman, all that is happening is the evil day is being deferred, that is until after the general election, which must be held, mustn't it!
As an example it is not so many years since Exeter City Football Club were in terrible trouble with their finances. Our local MP was able to persuade the Inland Revenue to accept 40p in the pound in settlement of their tax liability, rather than pound for pound. The club was saved from bankruptcy and the rest as they say is history. I think that every penny due to the HMRC must be paid in full and it must be paid now. I pay my taxes, everybody should.
As for the 500,000 jobs saved, where is the evidence as the politicians would say when asked about extra-ordinary rendition, enhanced interrogation techniques, and allegations of torture. I think that caps ought to be issued to HMRC staff with the logo 'we do bad things to bad people'.
Bad things to bad people
in the old days a firm would make profits and then pay tax to HMRC on those profits the year after those profits were made. Now then a firm would have put back part of those profits to pay their taxes.
What has happened is that firms which made profits have either invested the profits or distributed it in dividends to the shareholders, but made sure that they kept back sufficient to pay the taxes due. They may actually have borrowed money from the bank to pay the taxes due.
Now what has happened is that the HMRC have, after instructions from the government, allowed firms to defer paying their taxes, mainly because they haven't got the money. But, eventually the firms will have to pay up, either that or the HMRC will bankrupt them. As they should, people made profits if they have squandered it then that is their problem, ifeven a penny in tax is due then it must be paid, otherwise they are just freeloaders.
Even when 'the recovery' comes people will still owe money to the taxman, all that is happening is the evil day is being deferred, that is until after the general election, which must be held, mustn't it!
As an example it is not so many years since Exeter City Football Club were in terrible trouble with their finances. Our local MP was able to persuade the Inland Revenue to accept 40p in the pound in settlement of their tax liability, rather than pound for pound. The club was saved from bankruptcy and the rest as they say is history. I think that every penny due to the HMRC must be paid in full and it must be paid now. I pay my taxes, everybody should.
As for the 500,000 jobs saved, where is the evidence as the politicians would say when asked about extra-ordinary rendition, enhanced interrogation techniques, and allegations of torture. I think that caps ought to be issued to HMRC staff with the logo 'we do bad things to bad people'.