The issue of perceived tax evasion has become a political hot potato in election year. The sight of politicians throwing insults at each other has brought the issue to the fore once again leading to the Chief Executive of deVere Group branding political rhetoric as disingenuous.
Tax evasion – not to be confused with tax avoidance – is deliberately withholding money that should be paid to the tax authorities. Tax evasion is a problem of global proportions aided as the BBC’s Panorama revealed by organisations as large as the HSBC.
The HSBC has allegedly helped some of their clients dodge tax to the tune of hundreds of millions of pounds. The Labour Party has accused the conservative party of turning a blind eye to some individuals involved.
Mr Green said: “Like most people, I found the revelations that HSBC helped clients across the world evade tax to the tune of hundreds of millions of pounds on Panorama deeply disturbing.
The reports on this issue have highlighted the growing and serious global problem of tax evasion. Clearly, more must be done and tackled head on and with vigour.”
One of the main reasons to employ an accountancy firm to handle accounts is to find ways to limit tax liability. A reduction in tax liability can be achieved and many businesses can benefit while working within the law.