someguy9922
Newbie
- Nov 7, 2019
- 3
- 0
I read a little around this and I have seen things like registering loads of different companies and siphoning income between them. That may work (don't really understand how) but that sounds like it would be a nightmare for doing tax returns.
With online business and getting traffic through mass social media accounts and just redirecting to networks or having only thin websites, how can you set it up so you can control how much earnings you declare without fear of being in trouble with the taxman?
For a long time I was well below the tax threshold so just ignored it when people were talking about it but after a couple of really good months I realized if that continued the same I would be in the higher tax bracket and losing 40% of your money to taxes is a huge de-incentive to work harder.
The earnings have gone down to more average levels now so I doubt that will be a problem in the near future but still it gave me a warning signal to plan for the future.
I am wanting to know for considerations for the UK as I know the rules of what you can do are somewhat different between countries though the overall tactics seem similar. I have read UK is great for tax tricks but I still am very new so don't really know what is involved.
Can you just put all your excess income paid into btc or other crypto? In this case would you need to be behind good anonymity from the start; only buy vps, proxies, hosting etc. with btc and via anonymized browser etc? I wonder how deep the taxman would check. Like if you already had clearnet social accounts generating traffic which you already got paid from by networks into bank accounts in your name would you not want to use those and rather start from scratch and do everything with full anonymity in the same way that guys who run movie streaming sites have to do?
I read in the UK btc is taxable as income so it would have to be sold for cash etc wouldn't it. That is not a problem but a consideration to take into account.
So the main question is, is sending your income that you don't want declared into btc the best way? or what else do you suggest? and the other issue, would all income you make that you don't want declared, would everything have to be anonymized 'from the ground up' without any links to your real identity at all?
With online business and getting traffic through mass social media accounts and just redirecting to networks or having only thin websites, how can you set it up so you can control how much earnings you declare without fear of being in trouble with the taxman?
For a long time I was well below the tax threshold so just ignored it when people were talking about it but after a couple of really good months I realized if that continued the same I would be in the higher tax bracket and losing 40% of your money to taxes is a huge de-incentive to work harder.
The earnings have gone down to more average levels now so I doubt that will be a problem in the near future but still it gave me a warning signal to plan for the future.
I am wanting to know for considerations for the UK as I know the rules of what you can do are somewhat different between countries though the overall tactics seem similar. I have read UK is great for tax tricks but I still am very new so don't really know what is involved.
Can you just put all your excess income paid into btc or other crypto? In this case would you need to be behind good anonymity from the start; only buy vps, proxies, hosting etc. with btc and via anonymized browser etc? I wonder how deep the taxman would check. Like if you already had clearnet social accounts generating traffic which you already got paid from by networks into bank accounts in your name would you not want to use those and rather start from scratch and do everything with full anonymity in the same way that guys who run movie streaming sites have to do?
I read in the UK btc is taxable as income so it would have to be sold for cash etc wouldn't it. That is not a problem but a consideration to take into account.
So the main question is, is sending your income that you don't want declared into btc the best way? or what else do you suggest? and the other issue, would all income you make that you don't want declared, would everything have to be anonymized 'from the ground up' without any links to your real identity at all?