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[–]penelopepnortneyBecome ungovernable 1 insightful - 1 fun1 insightful - 0 fun2 insightful - 1 fun -  (0 children)

We do not know what at least half the companies in the UK are doing, which is absolutely staggering when those companies may exist to undertake fraud and abuse us.

...it is so easy to form companies in the UK. You don't even have to physically sign a form to pay £12, get Companies House to incorporate your company, and then you have what is in effect licensed identity theft, which you can hide behind to undertake fraudulent activity, collect money, trade without ever having any intention of telling the Revenue that you are, not pay your taxes, then throw your company away at the end of a year or so, and form a new one.

How do I know this is happening? Well, because, the data from Companies House shows it. There are 5.3 million companies in the UK at the time that I'm recording this.

...in the last year for which we've got data, HMRC only got corporation tax returns from three million companies of whom one quarter weren't trading. So that leaves only 2. 2 million or so companies which were actually declaring that they had positive income...About 160,000 said they were making losses, and the rest said they were getting other income like interest, rents, or dividends...But what we do, therefore, know is that the majority of the companies in the UK aren't actually paying any tax at all, and you have to ask why they exist.