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UK Tax Compliance
One simply can't refuse to pay tax- unless one is unemployed. If you are earning a living, you have to pay tax. In the UK, the world of tax paying is very highly regulated and controlled.
Yet despite the enforced rules and regulations, estimates indicate that close to 10 billion pounds are lost each year by tax avoiding schemes. In a bid to tackle the tax evasion schemes, the HM Revenue and Customs (HMRC) has set up special units or watch dogs.
For the average person who works for someone else, it is almost impossible to evade taxes, unless you work for your brother. The majority of tax evaders are in the high income bracket or solo businesses. The lower working class people have their taxes deducted before they receive their salaries.
Recent laws in the UK have given the Tax inspectors more clout - just like the IRS in the USA. Any UK citizen, who has money outside of Britain, must declare it. Having a bank account in Pakistan or elsewhere is not illegal but not declaring overseas income is considered tax evasion and illegal.
Even though taxes are low in the UK, there are way too many taxes. One has to pay for the road tax, value added tax, TV tax, land tax and so on. While some individuals may be delayed with their tax filing, the UK government has recently started to apply the American IRS style management when it comes to tax. When you fail to pay tax, it is a crime. In the UK all tax accountants firms also have to report new tax avoidance schemes to HMRC before recommending it to their clients. Today, HMRC is drawing the curtain on all illegal means of avoiding tax.
Wind and rain from Hurricane Earl buffet North Carolina
3 Sep 2010 at 2:19am MANTEO, North Carolina (Reuters) - Hurricane Earl battered North Carolina's coast with rain, winds and waves on Friday and swirled up the U.S. eastern seaboard toward New England and Canada as a weakened but still dangerous storm.
3 Sep 2010 at 2:03am DERA ISMAIL KHAN, Pakistan (Reuters) - Pakistan's Taliban on Friday took responsibility for triple bombings at a Shi'ite Muslim procession this week, challenging the civilian government further as it struggles with a flood crisis.
3 Sep 2010 at 2:00am Suspicious Item Found in One of the Concourses Prompts Bomb Squad to Investigate Read more...
Earl Weaker, Still Powerful as it Passes N.C.
3 Sep 2010 at 2:00am Now Category 2, First Bands of Rain from Hurricane Hit N.C.; President Declares State of Emergency 2010 Storm Tracker Read more...
BP Gulf of Mexico oil spill costs hit $8 billion
3 Sep 2010 at 1:32am LONDON (Reuters) - BP Plc said on Friday the cost of dealing with its oil spill in the Gulf of Mexico had risen to $8 billion and that it was two weeks away from sealing the well for good.
BOJ to stand pat next week, eyes easing next month
2 Sep 2010 at 11:49pm TOKYO (Reuters) - The Bank of Japan is expected to hold off on easing monetary policy next week but is gearing up for further action in October as the strong yen threatens to derail its forecast of a moderate economic recovery, sources said.
2 Sep 2010 at 11:01pm MEXICO CITY (Reuters) - At least 25 suspected drug gang members were killed in an army raid in rural northeastern Mexico on Thursday, the army said in a press release.
No sign of oil after Gulf platform fire: Coast Guard
2 Sep 2010 at 10:18pm NEW ORLEANS (Reuters) - An oil and gas platform operated by Mariner Energy burst into flames in the Gulf of Mexico on Thursday, but the crew of 13 escaped and there were no signs of an oil spill, the Coast Guard said.
2 Sep 2010 at 10:00pm President Felipe Calderon Says Violence Surged Under His Watch but That's the Price of Confronting Cartels Read more...
Gulf Platform Investigators Focus on Blast Cause
2 Sep 2010 at 10:00pm All 13 Crew Members aboard Platform that Exploded off La. Coast Discharged from Hospital; Coast Guard Says No Oil Leaking Read more...