The Fair Tax Mark is being re-launched in a new form next Thursday. The Guardian is already on the issue:
As one commentator and former critic said at a recent round table discussion of the idea, our biggest problem is that he thinks we may be inundated with demand. If so, it's a problem I'll welcome.
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Doesn’t the Guardian also arrange it’s affairs so as to pay the lowest level of tax that it is legally required to do so – as has been widely reported in the Press in general?
My position on this is well known
Richard
How does this work?
Let’s suppose I’m FD of a PLC & ring you up & say “I think X Plc should be on your FTM list.” You look at our published A/Cs & say, “Don’t think so, your CT bill is very low compared to profits”. I respond “Ah, but you don’t realise that’s because of enhanced Capital Allowances & R&D expenditure which we’re allowed, in fact actively encouraged, to claim. This means our taxable profits are, legitimately, much lower than our profits for GAAP purposes. If you don’t believe me, just ask our tax inspector”.
You ring HMRC who will reply “we’re unable to give out confidential data to the public”.
Do you give X Plc an FTM or not ??
Wait until Thursday can you? We’ll publish our methodology then
I guarantee it will not please everyone – but a mighty lot of work went into it
OK, fair play. I wasn’t trying to have a go.
Do you think public sector bodies should require the tax mark when assessing tenders?
Not legally possible, probably
But we are looking at what might be
The FTM was mentioned in a Deloitte Webinar last Thursday – I think you were pesonally mentioned too Richard – entitled “Responsible Tax: Explaining Tax”.
Archive Link on this page: http://www.ukdbriefs.com/emea-dbriefs/uk-dbriefs-archived-webcasts.aspx
Good to see it’s being noticed/considered.
Thanks
Another excellent initiative Richard we’ll done. I am sure it will take off though you will be shot about the method by the usual culprits. Good that you have guardian backing.
I am sure you are right Atul
Thinks