I have read that David Cameron is urging H M Revenue and Customs to “get tough” with big business, asking HMRC to close some of the legal tax avoidance schemes, peddled by some tax “advisors”.
This seems extremely sensible - but why do Governments leave the “loop holes” in the first place?
What I would ask “Call me Dave” to look at are the illegal acts of Tax Payers, I refer in particular to the Professional Sporting Clubs of this country, the Soccer, Rugby League and Union Clubs.
How often do we read in the papers when such an organisation has gone into Administration the the biggest creditor is the Taxman - you and me by a different name.
And yet what does the outstanding amount represent?
Certainly not Corporation Tax on Company Profits, but tax and national insurance deducted from their employee’s wages and held by club as HMRC’s agent to pay over and VAT collected in cash from the Club’s supporters, IN CASH, even before the game has taken place - no bad debts involved here.
Yes, Dave, close the loop holes, but also make sure these professional sporting clubs pay up on time, after all they’ve had the cash, but chosen to do something else with it.
If it means less such Clubs - then so be it!
I hope that Yorkshire Cricket Club pays its tax on time - I’m sure we will hear from Colin Graves if it doesn’t!
Peter Broadley FCCA
Broadley & Co