UK Tax - share your experience guys

ORM

ORM

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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.
 
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114 views and not a single response. Is this because of this ->
No trolling please.
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or no one gives a damn/earns enough to pay taxes? :)
 
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
 
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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!).
 
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Thanks for all the answers guys. I'm registered as a sole trader and I see Ltd will be the way to go.


ZennoBlaster said:
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!).
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Yeah, I think taxman can get any info from PP if theres a suspision of wrongdoing.
 
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...
 
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.
 
Reyone said:
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.
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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.
 
meathead1234 said:
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...
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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.
 
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.
 
when there is a will there is a way. migrate to Philippines.
 
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ORM said:
What for? Nice weather? Nah. Philippines' BIR collect taxes from online sellers as well.
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there are workarounds for that, and once you are done you will technically paying 0% taxes.
 
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