Any way round paying tax UK
- Thread starter A.Buff
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rugbyjack2005
Power Member
- Oct 2, 2011
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You can't avoid tax as that is illegal. There are certain things you can do to reduce the amount you pay legally though. I would suggest opening a company and running your IM earnings through that. Your costs get offset against earnings and you pay corporation tax on profit. You are also allowed to rent out 1 room in your house to your company which allows you to pay a proportion of your rent effectively tax free (no corporation tax, NI or income tax on that amount). You then have to balance company profit with costs and wages so that you minimise the tax you pay. You pay yourself a wage that you set, which can be below your tax free allowance should you choose so you don't have to pay NI or income tax. It is best to pay yourself a reasonable wage though as otherwise it is restrictive and then you just pay the standard 20% tax.
My advice would be to make sure everything you do is legal and be reasonable with the taxes you pay otherwise you will end up with a massive bill that you can't pay.
takeachance
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- Jul 31, 2009
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rugbyjack2005
Power Member
- Oct 2, 2011
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- Sep 30, 2012
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There is a way 100% legit to avoid taxes in the UK, so if you do not know about it, do not post things like - NO THERES NO WAY, YOU HAVE TO PAY OMGOMG.
All you need is to do some good research on some laws from back in 96... they are still active, and people can benefit until they close this loophole...
That being said, it is not an easy method.
All you need is to do some good research on some laws from back in 96... they are still active, and people can benefit until they close this loophole...
That being said, it is not an easy method.
Briansstocks
Registered Member
- Oct 22, 2010
- 99
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In short yes, or there used to be a way. Don't quote me on this because I am no expert nor do I have a full understanding of tax laws in England. I met a guy from England in the Philippines and he was telling me if he stayed outside England for 3 years he wouldn't have to pay taxes.
Like I said though this could no longer be true or even he could of been wrong. It does appear to be a time out of the country thing and the US has a similar law.
For me being from the US, if I am not in the US for 330 days out of the calender year and was making my money online the first 96,000$ would be tax free or I think it is actually a bit more now but after that I still have to pay normal taxes.
I believe England atleast used to have a similar set up, this was about 4 years agao he was telling me about it.
Im sure some google searches on becomming tax exempt in England will probbably give you anough information to ask your tax advisor about and then maybe you will decide to make plans to legally avoid taxes.
Regards
rugbyjack2005
Power Member
- Oct 2, 2011
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If you own a limited company then you will have to fill out a self assessment form. Declare it there...
takeachance
Power Member
- Jul 31, 2009
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Frankly the revenue just want the money, they don't care so much where its submitted as long as it is! you could put this through your SEO Ltd company account or you may have another company for aff earnings - its difficult to give any kind of coherent advice on these things...
GreenHustler
Junior Member
- May 25, 2009
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rubyjack2005 knows what he's talking about - I was researching this a couple of days ago and what he's saying matches what HMRC expect. I'd also follow Icemantaz's advice if you're dealing with a large amount of money - speaking to a professional accountant will always get you more reliable advice than a forum.
ouchthathurts
Power Member
- Feb 16, 2011
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Look into declaring yourself self-employed - its cheaper than setting up your own company. Then all you need to do is fill out a self assessment once a year
D
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