Hunwarrior
Senior Member
- May 12, 2010
- 1,035
- 876
UK Tax advice needed
- Thread starter kimkils
- Start date
ShadeDream
BANNED
- Nov 27, 2008
- 2,296
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N0H4T
Junior Member
- Sep 14, 2008
- 109
- 89
Guys,
The English IRS - Inland Revenue only know what you tell them!
They have bigger fish to fry, as long as you don't act suspiciously and
if your funds are abroad or just sitting in an account even in Blighty,
they will never find out unless they look.
I owe HMS The Queen's government an undisclosed sum that I have
not intention of ever paying, from about 10 years ago. They need to
prove it which they can't now!
I once consulted a chartered accountant who used to work for the
Inland Revenue and he told me never to volunteer information and keep
them on a need to know basis if you can help it.
Hope this helps and that you won't ell them everything through fear,
cause thats what I did once much to my detriment.
Go consulta tax consultant before you do anything we knuckle heads
tell you, the first consultation is usually free and even if it is not, it won't
cost the world and will pay for itself. They have usually heard it all before
and will not dob you in, unless you commited genocide or murder for the
money and even then they might not.
Dave
The English IRS - Inland Revenue only know what you tell them!
They have bigger fish to fry, as long as you don't act suspiciously and
if your funds are abroad or just sitting in an account even in Blighty,
they will never find out unless they look.
I owe HMS The Queen's government an undisclosed sum that I have
not intention of ever paying, from about 10 years ago. They need to
prove it which they can't now!
I once consulted a chartered accountant who used to work for the
Inland Revenue and he told me never to volunteer information and keep
them on a need to know basis if you can help it.
Hope this helps and that you won't ell them everything through fear,
cause thats what I did once much to my detriment.
Go consulta tax consultant before you do anything we knuckle heads
tell you, the first consultation is usually free and even if it is not, it won't
cost the world and will pay for itself. They have usually heard it all before
and will not dob you in, unless you commited genocide or murder for the
money and even then they might not.
Dave
Last edited:
N0H4T
Junior Member
- Sep 14, 2008
- 109
- 89
The channel Island banks are required to volunteer your records to the UK
authorities. All these other famous places like Guernsey, Jersey, Switzerland,
Bahamas, Panama .... all gone as tax havens since a few years. The all
folded under join US + international pressure spearheaded by Obama I
think. The only place that I know of that told them to eff off was china, so
think Hong Kong or Macau.
ShadeDream
BANNED
- Nov 27, 2008
- 2,296
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Isn't Guernsey and Jersey the Channel Islands?
ShadeDream
BANNED
- Nov 27, 2008
- 2,296
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But if you have an actual business and your provide your customers with invoice's there's not much you can do.
N0H4T
Junior Member
- Sep 14, 2008
- 109
- 89
But if you have an actual business and your provide your customers with invoice's there's not much you can do.
We don't know if he did or not.
I was working as a Soletrader and yes I did invoice, and the old boy told me that if you declare it, then IR will definitely want a piece of it. He also said that if they don't chase you after 5 years, then the chances are that they won't chase you.
I admit things might have changed since then, cause it was six seven years ago that I got consultation.
Yeah, Op should consult an accountant anyways, they are on your side!
Not totally true, for example all uk banks disclose details of interest paid. Also they are increasingly looking in to offshore bank accounts. If it shows up in a bank accoutn then it is traceable and open to scrutiny.
Alledgedly lots of people with Swiss HSBC accounts are currently receiving letters from HMRC.....
At the OP, I wouldn't worry too much about the historical income - it was just a hobby wasn't it when you were a student. As soon as it changed to an intent to make money you have registered.... If possible though I would set up a clean paypal & bank account. As to whether you should be ltd rather than s/e then it depends on circumstances and the amounts involved. There are pros and cons in both.
FrozenSpade
Senior Member
- Jul 20, 2008
- 803
- 373
You're joking right? I am from an eastern Europe country and I have to say that a fcked up country has a fcked up monitoring system. If you're one of the big shots then it's worth living in such a country.
Here almost everybody pays no tax at all or a part of it
. If you're from an eastern European country click thanks Honest answer is imo it's unlikely to be picked up on, unless hmrc do a specific purge on this type of income, as the CPA is most probably offshore as is paypal(?) and the fact paypal isn't a bank and so governed by the usual regulations. If you start transferring that money in to a uk bank whether on or offline of course then it is in the system and so a lot more visible
RiskyShift
Newbie
- Sep 16, 2010
- 19
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jammie
Power Member
- Feb 24, 2008
- 773
- 459
Look ...
Yes, you can avoid paying taxes in the UK (as with anywhere), but atleast do it the smart way.
to the OP;
Set yourself up as a limited company. Not only does this give you a corporate legal identity, it also removes your liability. You can get funding from banks and other sources if you need capital to start your business or if you need some quick liquidity.
As a LTD company you have to submit accounts every year. You'll need an accountant. This isn't a bad thing. For any company trading a decent volume, these guys will save you more money than they cost. You will pay little to no tax if you use a proper accountant (read that again). They'll make sure its legal too.
They have many, many, many tricks and ALOT of experience doing this.
Or, just blow your entire gross profit on advertising before tax is due so you have no taxable income!
Oh, another word of warning; take a salary of 6k a year (no less!) from the business so you contiune to pay NI, so that your state pension isnt effected. The rest of your salary can be taken any way you want =].
Yes, you can avoid paying taxes in the UK (as with anywhere), but atleast do it the smart way.
to the OP;
Set yourself up as a limited company. Not only does this give you a corporate legal identity, it also removes your liability. You can get funding from banks and other sources if you need capital to start your business or if you need some quick liquidity.
As a LTD company you have to submit accounts every year. You'll need an accountant. This isn't a bad thing. For any company trading a decent volume, these guys will save you more money than they cost. You will pay little to no tax if you use a proper accountant (read that again). They'll make sure its legal too.
They have many, many, many tricks and ALOT of experience doing this.
Or, just blow your entire gross profit on advertising before tax is due so you have no taxable income!
Oh, another word of warning; take a salary of 6k a year (no less!) from the business so you contiune to pay NI, so that your state pension isnt effected. The rest of your salary can be taken any way you want =].
Anyone know what the deal is with North Cyprus?? I'm from the U.K but here at the moment and apparently we don't exist to the world and an "illegal" state (I hate that ********ing term as it implies that my family should "legally" be dead) so surely this place is a massive tax haven??