A Simple and Efficient Tax Regime for the United Kingdom

Online, March 29, 2013 (Newswire.com) - EXECUTIVE SUMMARY

The aim of this proposed UK tax regime is to enable HMRC to collect a fair tax from every business operating in the UK including those who currently pay no tax at all, either though non-declaration of profit due to deceitful accounting or fraud, tax planning or through black economy activities.

It will also satisfy the UKs aim to offer the most competitive and straightforward tax regime in the G20 and become the best place to start, finance and grow a business.

The cost associated with administration, filing and submitting accounts will also be significantly reduced and in many instances will negate the need for a large percentage of UK businesses to use the services of accountants, tax advisors or book keepers.

Under the proposed regime, all taxes will be collected on a monthly basis, rather than annually in arrears, which will reduce the interest costs on our public debt, and enable HMRC to identify potential problems, almost immediately. It will also remove the opportunity for individuals and companies, to defer their tax liabilities, which will allow HMRC to collect the billions in taxes that are currently owed.

The proposed regime will also remove the unfair burden that currently falls upon those law abiding citizens and companies who pay an increased amount of taxes due to the deliberate evasion of others, by effectively and efficiently collecting taxes from all individuals who earn income in the UK and on all UK registered businesses.

A large proportion of the proposed regime will be based on a Tax on Turnover / Point of Sale Tax, which will produce a simplified accounting and collection system, and enable HMRC to charge a fairer tax on the total turnover, which currently stands at £3,100 billion for the current 4.8 million private sector businesses in the UK, and on every individual who purchase goods or services either in or from the UK.

The cost of goods and services in some instances will increase by a few percentage points, however in the majority of cases, prices will in fact fall. Net company profits will remain the same, with gross profit only reduced in line with the tax savings gained under the proposed regime.

The proposed alteration to, and charges of our National Insurance Contributions will provide sufficient funds to eradicate poverty in the UK, offer one million plus new employment positions, lessen the current burden on our National Health Service by building new hospitals for persons of state pension age and over, provide the Government with additional funding to embark upon their programme for the renovation and construction of existing and new schools, construct and therefore offer new, affordable and sustainable homes for 6 million families and eradicate short term unemployment for the 60,000 students who graduate each year.

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