Recovery delayed due to lies and mistruths
from our elected ʻsuperiorsʼ by Ricky Steedman ©
STEEDMAN
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If anyone believes that the economy has turned and we are on our way back to fi nancial
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stability, I have bad news. Yes the pound is getting stronger and there was a temporary
recovery in the stock market, but most of the initiatives are coming from the other side
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of the pond where Obama has wiped out budget defi cit expectations by eradicating a £
250 billion dollar further provision for further bank bailouts. Our government, on the other
hand, is encouraging the return of the bonus culture and instead of putting its own band of
criminals in jail for fraudulent expenses claims, is tolerating voluntary repayments of what
is nothing short of stolen taxpayersʼ money when the culprits are named and shamed by
accountants tax consultants
investigative journalists.
While we gaily freed the Libyan terrorist who had given up his appeal and effectively
pleaded guilty to the Pan-am bombing, German prosecutors are like the Americans
Tired of paying too much for
taking active measures to stop corruption and insider dealings. In Stuttgart, prosecutors
raided the headquarters of Porsche, which recently agreed to merge with VW, after an
attempt to acquire; the bigger rival had pushed it to the brink of bankruptcy. In New York
your taxi accounts?
Bernie Madoff languishes in jail until he is 150 (the only place in the world where they
seem to keep dead people in jail) while in this country we allow senior politicians to repay
expenses, which they have fraudulently claimed.
MAKE THE SWITCH
Old accountant
As someone who is at the sharp end of the tax system, I have worse news. The country
is in a much bigger mess than we are getting told. With the downturn comes a massive
decrease in tax yield. On top of the 25,000 Britons reckoned to have moved abroad to
escape the 50% tax band to countries such as Switzerland (top rate 30%) and Singapore
to
(top rate 20%) there has been a huge decrease in PAYE and Corporation tax remitted as
businesses lay off staff and companies go bust. So much so in fact that the Revenue are
STEEDMAN
STEEDMAN
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holding on to peopleʼs tax rebates for as long as possible to improve their own cash fl ow.
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Financial sloppiness is evident everywhere in government and Ministers recently announced
a shake up at the Ministry of Defence after auditors were unable to fi nd £6.6bn of equipment,
Our professional service is friendly and approachable.
including about a sixth of all vehicles, weapons and radios used by troops. The patchiness We won't bamboozle you with accountancy speak
of the MoDʼs record keeping suggests that offi cials have been taking critical decisions for
but instead, we listen to your needs then offer clear
Afghanistan without knowing where billions of pounds of equipment is located or whether it
advice and solutions in a language you can
is in good repair. As reported in the Financial Times on August 20th the National Audit Offi ce
refused to sign off on MoD accounts because of an “ inadequate level of evidence” that £6.6
understand.
billion of its assets existed, equivalent to the entire annual defence equipment budget. One
always wondered who was fi nancing the Taliban and now we might have the answer! Tales
abound of soldiers in Afghanistan and before that in Iraq having shortages of bulletproof Tel :0131 556 8595
vests and inadequately protected lodgings and such like. It is particularly irksome that record
keeping is one of the main pieces of advice handed out by investigating Tax Inspectors as E-mail:
admin@steedman.co.uk
the essential tool in keeping small business out of tax trouble!
JENKINSON
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