1. This site uses cookies. By continuing to use this site, you are agreeing to our use of cookies. Learn More.

UK Tax - share your experience guys

Discussion in 'Business & Tax Advice' started by ORM, Oct 30, 2014.

  1. ORM

    ORM Power Member

    Joined:
    Oct 16, 2013
    Messages:
    737
    Likes Received:
    686
    Location:
    wealth mastery
    Hi Folks,

    We all know that a lot of IM'ers around the globe are banking and not paying taxes. That's ok if you spend a lot of time in tax havens etc. For us who are based in UK need to pay quite a nice chunk of our profit to government. I am ok with paying it as I do not to mess with HMRC (who wants) , however I am interested in reducing tax legally. I had several meetings with my accountant and he said its better to leave most of the profit in PP which seems like tax evasion to me lol. I know in US PayPal reports to IRS if theres more than $20k generated. So the question would be: is there any loopholes etc. in UK tax Law which would help to reduce taxes legally?

    Feel free to share your experience/knowledge. No trolling please.
     
    Last edited: Oct 30, 2014
  2. ORM

    ORM Power Member

    Joined:
    Oct 16, 2013
    Messages:
    737
    Likes Received:
    686
    Location:
    wealth mastery
    114 views and not a single response. Is this because of this ->
    or no one gives a damn/earns enough to pay taxes? :)
     
  3. LostConnection

    LostConnection Senior Member

    Joined:
    Jul 20, 2014
    Messages:
    1,177
    Likes Received:
    1,364
    Location:
    Grinding away in the night
     
    • Thanks Thanks x 1
  4. crackarama

    crackarama Regular Member

    Joined:
    Aug 14, 2013
    Messages:
    351
    Likes Received:
    86
    Location:
    scotland
    Its a good question. Im in the UK and although im not making a lot of money right now, im hoping things im working on payoff and i will be looking for the same answers. Its good enough for Gary barlow and others to legally avoid tax then it will be good enough for me
     
    • Thanks Thanks x 1
  5. jak19

    jak19 Elite Member

    Joined:
    Jan 5, 2013
    Messages:
    2,553
    Likes Received:
    511
    make company and offset everything you can
     
    • Thanks Thanks x 1
  6. ZennoBlaster

    ZennoBlaster Senior Member

    Joined:
    Jan 17, 2014
    Messages:
    1,029
    Likes Received:
    310
    I like to hear the rationale behind your accountant's advice re PP. There's also the risk if PP decide to close your account, and walk off with your cash. I'm sure HMRC are looking closely at PP (they'd be daft not to!).
     
    • Thanks Thanks x 1
  7. blackhat-dudette

    blackhat-dudette Regular Member

    Joined:
    Mar 12, 2010
    Messages:
    313
    Likes Received:
    194
    Occupation:
    Freelance internet marketing expert
    Location:
    UK
    Home Page:
     
    • Thanks Thanks x 2
  8. ORM

    ORM Power Member

    Joined:
    Oct 16, 2013
    Messages:
    737
    Likes Received:
    686
    Location:
    wealth mastery
    Thanks for all the answers guys. I'm registered as a sole trader and I see Ltd will be the way to go.


    Yeah, I think taxman can get any info from PP if theres a suspision of wrongdoing.
     
  9. meathead1234

    meathead1234 Moderator Staff Member Moderator Premium Member

    Joined:
    Sep 24, 2008
    Messages:
    3,837
    Likes Received:
    14,240
    Depends on your circumstances, every company/individual is different. That's why you hire a good accountant. I'd advise getting a better accountant if the best yours can come up with is leaving money in Paypal...
     
  10. Reyone

    Reyone Elite Member

    Joined:
    Sep 30, 2012
    Messages:
    1,577
    Likes Received:
    1,287
    Occupation:
    Hunter
    Never understood these type of threads seriously. Hire an accountant, pay some good money and thats that... posting shit like this around forums will get you nowhere.
     
  11. ORM

    ORM Power Member

    Joined:
    Oct 16, 2013
    Messages:
    737
    Likes Received:
    686
    Location:
    wealth mastery
    Did you even read thread title? ''UK Tax - share your experience guys''

    Posting shit like this might encourage some people to visit taxman before he visits them. Duh.
     
  12. LostConnection

    LostConnection Senior Member

    Joined:
    Jul 20, 2014
    Messages:
    1,177
    Likes Received:
    1,364
    Location:
    Grinding away in the night
    Agreed.

    My accountant is a small local accounting firm that offers good fixed rates with 50% upfront and 50% before submitting the annual returns. Got everything sorted quickly and without hassle, and they really know their stuff when it comes to taxes. It really is worth it to have a proper accountant.
     
  13. ORM

    ORM Power Member

    Joined:
    Oct 16, 2013
    Messages:
    737
    Likes Received:
    686
    Location:
    wealth mastery
    true, a good accountant is worth his weight in gold. Mine one was 1st in the list coz I know him since I moved to London.
     
  14. meathead1234

    meathead1234 Moderator Staff Member Moderator Premium Member

    Joined:
    Sep 24, 2008
    Messages:
    3,837
    Likes Received:
    14,240
     
    • Thanks Thanks x 1
  15. ardley216

    ardley216 Elite Member

    Joined:
    Mar 28, 2008
    Messages:
    2,391
    Likes Received:
    2,372
    Occupation:
    Finding easy keywords
    Location:
    1,500,000,000 Keywords Re
     
  16. MafiaBoss

    MafiaBoss Elite Member

    Joined:
    May 5, 2012
    Messages:
    1,519
    Likes Received:
    1,032
    Gender:
    Male
    Occupation:
    Currently Un-Occupied
    Location:
    In granny's Basement
    Home Page:
    when there is a will there is a way. migrate to Philippines.
     
  17. ORM

    ORM Power Member

    Joined:
    Oct 16, 2013
    Messages:
    737
    Likes Received:
    686
    Location:
    wealth mastery
    What for? Nice weather? Nah. Philippines' BIR collect taxes from online sellers as well.
     
    Last edited: Nov 1, 2014
  18. MafiaBoss

    MafiaBoss Elite Member

    Joined:
    May 5, 2012
    Messages:
    1,519
    Likes Received:
    1,032
    Gender:
    Male
    Occupation:
    Currently Un-Occupied
    Location:
    In granny's Basement
    Home Page:
    there are workarounds for that, and once you are done you will technically paying 0% taxes.
     
  19. heymalc

    heymalc Newbie

    Joined:
    Nov 13, 2014
    Messages:
    15
    Likes Received:
    7
    Location:
    Brighton, UK
     
    • Thanks Thanks x 4
  20. LostConnection

    LostConnection Senior Member

    Joined:
    Jul 20, 2014
    Messages:
    1,177
    Likes Received:
    1,364
    Location:
    Grinding away in the night