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