Let’s rebrand everything, from Sunday
As everybody has probably heard by now – there will be no further publishing of the infamous “News of the World” tabloid newspaper after the edition printed on Sunday. It’s fairly obvious to us and many other Contractor Accountants, this is simply a rebranding exercise and will have little effect on News International as a whole group. I began to think about other institutions and laws we could rebrand and hope the public will not notice in the long term. Here are my top three:
IR35 could be rebranded as “Keep those hands in the air and don’t make a move” legislation. At least it would be a more honest title and any investigation could at least start off on a more accurate footing. I would love to sit in front of a tax tribunal with the opening line – Sir, my client received this letter on the 18th April and he was asked to put’em up and reach for the sky.
Companies House is another institution I would rebrand. It isn’t a house – it’s an office block in Cardiff. The outside of the building is so orange, it looks like an office block WAG overdosed on fake tan. What companies house actually does is hold the records and publicly available information on every Limited company and LLP in the UK. Your company doesn’t live there, it doesn’t have its own bedroom and neither does it get to leave home when its older.
My last choice would be to rebrand off-shore schemes. When you call something off-shore, it sounds like a holiday or an exotic location full of happy smiling people wearing too much gold and drinking Gin as the sun goes down. The truth is – the income isn’t “off-shore” – it’s just not here. I am convinced the people who use these schemes believe the cash they have moved away from the UK is out of sight and mind. As a UK tax resident you are required to declare your worldwide income to the UK tax authorities. Rather than calling the income offshore, it should be rebranded as “under the international mattress”.