Clearview South September 2014 - Issue 154 | Page 100

businessNEWS HMRC BANK RAID ‘SMASH AND GRAB’ POWERS RISK BEING ‘UNCONSTITUTIONAL,’ SAY ACCOUNTANTS HMRC’s attempts to extend its powers to allow it to raid money from people’s bank accounts risk being unconstitutional, says global accountancy body ACCA (the Association of Chartered Certified Accountants). ACCA says that the prospect of HMRC coaxing MPs to enact provisions which effectively bypass the courts, that currently protect the public, is deeply concerning. Chas Roy-Chowdhury, head of taxation at ACCA, said: “These new powers are knocking at the door of being unconstitutional. The existing safeguards in recovery of tax debts protect taxpayers by ensuring the activities of HMRC are subject to review by the courts prior to enforcement. HMRC’s proposed powers effectively throw that principle out the window. It will mean HMRC can take a ‘smash and grab’ approach by delving into someone’s bank account at will and taking their money. “You can’t blame HMRC for looking at more economical options if the full cost of securing a county court judgment under the current system is too great. If we are going to have these powers imposed, then some other form of review by an officer of the court should be considered as a part of the safeguards in any power to access bank accounts.” GDP FIGURES – EXPERT COMMENT Despite the economy regaining its precrises peak, the preliminary GDP figures and Q2 data are described as “a touch disappointing” by the EY ITEM Club. John Bulford, economic advisor to the Club, commented: ‘This recovery has legs’ “The economy appears, at first glance, well on the road to recovery. But any euphoria can be quickly dampened by putting it into a wider context. Several of our peers’ economies – most notably the US and Germany – have long regained their pre-crisis peaks. This is the first post-war economic cycle that sees the UK economy take as long to return to form, and GDP per capita is still well short of 2008 levels. “The disparity between official figures, which show manufacturing output growing by just 0.2% and construction contracting by 0.5%, and business survey data, which show both sectors roaring ahead, is glaring. With that in mind, it would not be a surprise to see the Q2 figures revised up in the next release.” Ian Stewart, chief economist at Deloitte said: “The UK economy is back to pre-crisis levels and has gone from being the world’s growth laggard to a growth leader. “Not only is UK growth likely to outpace the other major industrialised nations this year, it is also likely to outpace some emerging economies. ‘UK growth likely to outspace the other major industrialised nations’ “Crucially, growth is broadening out and looking more sustainable, with corporate hiring and capital expenditure playing a bigger role. This recovery has legs.” GLAZERITE ‘SPECIAL’ PLANT’S UP AND RUNNING Glazerite Windows Ltd has unveiled the biggest single part of its £1millionplus investment for 2014 with the commissioning of its new ‘Specials’ factory alongside its Wellingborough HQ. 100 SEP 2014 All production for the fabricator’s acclaimed Vertical Sliding Sash window as well as its new VEKA Imagine Bifold, and Residence 9 flush sash window ranges will now be carried out at the new purpose-built unit, using over £500,000 of advanced new machinery and a team of fully dedicated personnel. Also joining these will be the New Wave slide-swing door and the imminent VEKA Imagine patio door. The dedicated plant will also free up nearly 30% of the space at the main plant at Wellingborough, adding much-needed capacity to keep up with demand for its mainstream products. Director Jason Thompson explained: “Our sales are already up nearly 40% in the first half of 2014. The new unit means we can avoid bottlenecks and start from scratch to create the right environment for making these specialised products, with new and advanced machinery as well as dedicated personnel.” www.glazeritewindows.co.uk To read more, visit www.clearview-uk.com