The UK's missing companies
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- เผยแพร่เมื่อ 16 เม.ย. 2024
- There are millions of companies in the UK that do not report what they are doing to HM Revenue & Customs, and we have no idea if they file proper accounts with Companies House. Why are we tolerating a situation where fraud could be rife when it would be so easy to end this abuse?
ABOUT RICHARD MURPHY
Richard Murphy is Professor of Accounting Practice at Sheffield University Management School. He is director of Tax Research LLP and the author of the Funding the Future blog. His best known book is ‘The Joy of Tax’.
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We are apparently happy to snoop on the bank accounts of benefit claimants so why not extend this to include companies that don’t declare income/profit……
I suppose benefit fraudsters are taking out of the pot, where tax dodgers are just not putting it in the pot. I suppose some of these people are doing both
bang on....bang on
Coz they’re all shareholders!
This is a great question for politicians and councillors to be asked. Their answers would be interesting…
Likewise if you ask them where the £800billion of govt debt that has increased since covid has ended up…
Over a long working lifetime, having experienced brief periods of unemployment, and also later, running my own business, I soon realised that if you sign on, the authorities are quickly after you, whereas with my business, nobody was looking.
Tax fraud is meant to be far bigger than benefit fraud
@keithparker1346 Tax fraud is far more sizable in financialterms and increasinglyin terms of culprits. . However, there is no political will to go after tax avoidance which can to all intents and purpose be the same as tax fraud.
Yep
We recently started to receive unsolicited mail from various sources. Seems a Company have registered themselves at our home address! We realised something was fishy as the director was named as the son of our next door neighbour! They too are in the dark. Endless communication with Companies House has finally resulted in them changing the address on their records to a default address. They are going to write to the company concerned to query them further...we look forward to receiving THAT letter! 😳
What sort of senior management do we employ at Companies House and HMRC? Are they not making representations like this to government? Is it that government aren't interested? Certainly, apart from Richard, voices are not finding their way through into the media. Perhaps senior management in these organisations are more interested in just keeping their heads down. It's not good enough!
What I can never understand is why well intentioned Liberals continually shout these questions into the dissonance of the night when they should know the natural answers full well.
@@fredfredrickson5436 Which are?
@@lonevoice That every public and civil institution is now utterly subverted by consolidated vested interests. That those mandated to provide oversight are selected on the basis of their complicity or their quiescence, and that those who raise objections are systematically weeded out and deprived of a public platform. That the political establishment does not serve the public good, because what serves the public good is so patently at odds with the agenda of those aforementioned vested interests.
These surface truths are so obvious that even a child could see them. Yet somehow, we intelligent adults continue to scratch our heads, pretending not to see what is right under our noses, while addressing our questions toward the fantasy paradigm of assumed democratic rectitude, rather than to the manifest reality of the operative status-quo.
I'd say, it's because the elected government is not interested in a better society it has a different agenda. Thanks for the informative video.
Did you know that by registering your company/political party etc under a new name and new registration, the new party / company can get rid of any liabilities and this by law?
1. UKIP
2. Brexit Party
3. Reform Party UK
or as I like to call them, REFUK - it explains what they are doing again!
Spot on, Richard!
If you are a self employed you have to do a tax return and get fined for not doing so if you have company just say you have not made any money and its accepted without questions sounds like tax a aviodance scheme
You are wrong, I had a ltd co,and had to produce tax returns,even got a penalty one year because it was a few days late!
Why are you not running as an MP
I'm so happy I made productive decisions about my finances that changed my life forever,hoping to retire next year.. Investment should always be on any creative man's heart for success in life.
Thanks for the advice! I'm new to financial planning and wasn't sure where to start. Any tips on finding a reliable financial adviser or resource to guide beginners?
As a beginner, it's essential for you to have a mentor that is verified by finra and SEC to keep you accountable. I'm guided by a widely known financial consultant Stacey Macken
Wow, I'm supprised Stacey Macken is being mention here. I started off with 5K.... Now with massive portfolio highly recommended...
This Woman has really change the life of many people from different countries and am a testimony of her trading platform
I met Stacey Macken at a conference in 2018 and we have been working together ever since.
wotd: criminogenic!
A better society... The economy destroys society. The economy is competitive, not social.
Yet they threaten court to people for a couple quid!
There’s apparently quite a lot of fraudulently registered companies on the companies house register according to a guy on YT called Gary .
It would be nice to hear your opinion from a legal perspective.
Apparently they are not legal entities.
Money-power in action.
The only thing worse than Money-power in action is No Money-power and no action. Socialism will get you there.
Because those in power are interested in those missing companies… that’s the reason.
As someone who opened a company, traded for 11 years and just closed it. I find this commentary hysterical. If you don't trade you can declare the company as dormant but you don't need to. During covid lockdown it wasn't functioning but as I wanted to trade when possible there was no point in altering its status. The simple explanation for the missing companies is that they are not trading but not declared as dormant. Why does the narrator assume they are used for nefarious purposes? Evidence? Yes its easy to open and close a company and that is a good thing. Some of us need to useful things and the narrator wants to make this more difficult. An assertion without evidence can be dismissed without evidence.
This is only companies registered in the UK. There are many millions of companies registered in offshore tax havens with nominee corporate directors, shareholders and bank account signatories, often in British Overseas Territories or Dependencies. While there are offshore tax haven companies with legitimate purposes, money launderers of the proceeds of crime and corruption almost always use these devices to hide their money and the true identities of the owners. They use banks, lawyers, brokers and accountants in UK, USA, Switzerland and many other countries as a legitimate front. The scale of money laundering is truly staggering. It can involve drug cartels, families of dictators, politicians and officials, businesses who simply wish to evade tax. Real criminals would probably prefer to use companies not in jurisdictions where the identities of directors and shareholders are not open to public scrutiny, BUT if the Companies Registry and HMRC take their eye off the ball, eg a Tory government slashes its funding, then abuse is more likely.
Don’t forget brexit. Companies now closing down for loss of trade or loss of staff. Or companies moving to eu then staying in the uk.
Good luck with that, whilst what you say is absolutely true, a lot of the people in charge of the uk are themselves, registered as LTD, yes MPs are LTD, we all know how they grab (STEAL) our taxes, into a non supplying company, bank offshore, and loan the money back to themselves, TAX FREE,
Ah now we're talking. I wonder if you do actually know (3:17), at least tacitly. My own take is that the answer is at 0:27 - it's in many people's interests to maintain this system, and it's just another feature of the current mode of production.
'It's all Richmans trick' as they say 😂
Self employed Taxes are basically an honesty box 😂.
It's ridiculous.
Probably because the last few successive UK governments are not really interested in improving society for you and I as they have a very different 'global' agenda they're pursuing. Informative video, nonetheless. Thank you.
I think that you might be a bit too hard on limited companies. We had really, really hard ride since 2020, and even earlier, when IR35 reform was announced. Current accounting period is simply reflecting that.
This would be wonderful idea, if we lived in a democracy
Now why did we leave the EU?
tory ripoff britain...
I'm sorry but this is nonsense. A lot of individuals set up companies with a view to doing consultancy work, sometimes as a one off and sometimes in the hope of making a success of it but getting no business. Then you have the 99% of start-ups that fail. You even have teenagers setting up businesses at college just as part of college projects to show how it's done.
If you are planning on committing tax fraud you don't normally srt about it by saying "hi I'm over here" to HMRC.
You shouting fire after the house gas been burnt down. Welcome to the 21st century. To top that we pay our tax contributions nowadays to fund our British hegemony which brings many to ask if paying tax is supporting Genocide and the other issue is the richest companies don't pay tax while the struggling companies are in shackles trying to stay afloat within a war mongering governance. We cannot have our bread buttered both side. Fairness is out of the game. So most have decided that not paying tax is a must. And can we have the statistics of offenders within the migrant and non migrant set. I bet we find more British defaulters than migrant defaulters
Just abolish capitalism. Paper doesn't need rights, people do. Paper is a force that ALWAYS MAKES FASCISM
Yes we need a totalitarian government for peoples rights and free everything. Its your line of thought that does it.