tag:blogger.com,1999:blog-2948538160252327076.post8586942254243109645..comments2023-11-02T15:48:50.381+00:00Comments on UK Bubble UK Economy: But we are only complying with the lawAlice Cookhttp://www.blogger.com/profile/05753570123987780947noreply@blogger.comBlogger6125tag:blogger.com,1999:blog-2948538160252327076.post-63445649033412305192011-02-21T12:51:25.622+00:002011-02-21T12:51:25.622+00:00The best way to resolve this issue is to look at t...The best way to resolve this issue is to look at the tax reconciliation in the taxation note in the latest annual report and accounts.Patrick Mulveynoreply@blogger.comtag:blogger.com,1999:blog-2948538160252327076.post-1852309146731543732011-02-21T10:37:41.942+00:002011-02-21T10:37:41.942+00:00A company that I used to work for had an effective...A company that I used to work for had an effective way of minimising tax. The bulk of their profit came from aiding the government (actually, they helped save a lot of money), but it was a subsidiary of a large Italian parent company.<br /><br />So what they did to 'hide' their profits was increase the payments that they made, per quarter, to the Italian parent company. Then, no doubt, the parent company had it's own dvious tax avoidance schemes in place.<br />I would guess that some of Barclays' profits would be masked/protected in a similar way, with profits reduced by payments to a parent company located somewhere with the good fortune of having low/0% corporate tax, such as ooooh Bermuda.<br />What a joke.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-2948538160252327076.post-71851405921061044602011-02-20T11:11:20.814+00:002011-02-20T11:11:20.814+00:00http://www.fcablog.org.uk/2011/02/the-five-howlers...http://www.fcablog.org.uk/2011/02/the-five-howlers-made-by-the-guardian-in-reporting-tax-paid-by-barclays/<br /><br />Seems to be a good take on the subject.Hhttps://www.blogger.com/profile/01146808185620364646noreply@blogger.comtag:blogger.com,1999:blog-2948538160252327076.post-52966780671909973912011-02-19T20:51:09.547+00:002011-02-19T20:51:09.547+00:00Remind me again, did Barclays receive a bailout fr...Remind me again, did Barclays receive a bailout from the UK tax payer?billnoreply@blogger.comtag:blogger.com,1999:blog-2948538160252327076.post-24481612045036259052011-02-19T19:03:52.269+00:002011-02-19T19:03:52.269+00:00Barclays and other banks are carrying forward past...Barclays and other banks are carrying forward past losses and setting them against tax. There is nothing wrong with this in principle. <br /><br />However, it is absurd that Barclays and other banks can have their losses refunded by bailouts and soft interest rates and also enjoy these tax losses as well.james cnoreply@blogger.comtag:blogger.com,1999:blog-2948538160252327076.post-62783826160232337652011-02-19T17:30:00.232+00:002011-02-19T17:30:00.232+00:00I don't know the numbers for I would suggest t...I don't know the numbers for I would suggest that losses made by Barclays in the previous financial year were rolled forward, which is perfectly legal, to offset net profit made. Hence the Corporation Tax liability is reduced. As for bonuses, these constitute staff remuneration and are deducted before calculation of Corporation Tax - again perfectly legal.<br /><br />I'm not an accountant; just someone who has run his own very small company for 20 years. I have made losses - especially in my early years - and legally rolled these forward. I also understand what is an allowable deduction before Corporation Tax. What people are presently calling 'tax avoidance', as if this is illegal, are perfectly legitimate. I've done and do all these things.<br /><br />I downsized my company and fired 14 people in recent times because I was fed up with paying everyone else - especially the tax man - more than I was getting. And I was fed up of employing one person just to deal with red tape. I'm much happier now, work fewer hours and this year I'm planning a holiday - the first for two years.<br /><br />Whatever the anger towards banks and companies generally at the moment, companies produce wealth and employ people. Companies are the secret of prosperity. Right now the conditions in the UK for business are sh*t. A lot has to happen to put this right and get people back to work. Everyone working for the government with massive salaries, gold-plated pensions and six weeks holiday per annum is not the answer.Anonymousnoreply@blogger.com