If you had an accountant who said hey, want to pay less tax, how many of you would say no - of course not - it's unpatriotic? I know I wouldn't.
I've never had any real money so guess I might act differently from those who do but as someone working in the public sector who grew up in a council house and went to a comprehensive I might feel a greater sense of the effects of being "tax efficient".
Stop posting on message boards during working hours....you're stealing from the taxpayer ;-)
Consider this. Your driving along one day and through no fault of your own, you lose control of the car and kill someone. The cops charge you with death by reckless driving. Your looking at 3 to 5 years. Your lawyer says he can get you off via a loopehole, with a due Care and attention charge and no jail time. Do you tell your lawyer "no its all right I'll do the time" cos thats the right thing to do or do you take the advice of a professional who is employed to represent your interests with his best skill and care? Morals and money dont mix. Jimmy was only doing what a professional told him to do and by doing it he gets crucified.
I bet Harry Rednapp is on the phone to Jimmy right now.
I wish people would stop applying their own moral standards to other people. If you would avoid as much tax as possible despite the consequences for the greater economy that is up to you, but pease don't assume everyone feels the same, or try and insist that they would if they were rich. Ormy makes a good point about Greece.
I do, in Oz, but I paid tax in the UK till I was 25.
The tax avoidance scheme was offered to me here, that's the funny thing I suppose in that I have never had a cracker from the Oz government and probably never will yet will pay tax here for about 40 years.....
I think the point remains the same though, a friend of my brother-in-laws is absolutely minted - his family own a chain of used car yards - yet he boasts about paying almost no tax because they pay themselves via a family trust.
If you had an accountant who said hey, want to pay less tax, how many of you would say no - of course not - it's unpatriotic? I know I wouldn't.
I've never had any real money so guess I might act differently from those who do but as someone working in the public sector who grew up in a council house and went to a comprehensive I might feel a greater sense of the effects of being "tax efficient".
Stop posting on message boards during working hours....you're stealing from the taxpayer ;-)
Since this is a tax thread, apart from my other tax problem which I'm trying to get to the bottom of. I have another question.
Say someone has asked me if i want to go into business with them. This will be done in my free time. Do I have to tell my current employers about this? I wont be paid a salary just a share of the yearly profits?
I just assume I declare it on my annual tax return. As I am PAYE I have never had to do a tax return. Anyone with any knowledge? Can my work tell me that I am not allowed to do it?
Depends if there's a conflict of interest with your current employer. Dig down into your contract of employment and there's likely to be a clause which states you must tell them.
You will need to tell HMRC about any additional income.
Since this is a tax thread, apart from my other tax problem which I'm trying to get to the bottom of. I have another question.
Say someone has asked me if i want to go into business with them. This will be done in my free time. Do I have to tell my current employers about this? I wont be paid a salary just a share of the yearly profits?
I just assume I declare it on my annual tax return. As I am PAYE I have never had to do a tax return. Anyone with any knowledge? Can my work tell me that I am not allowed to do it?
Whether or not your work can tell you that you are not allowed to do it will depend on the terms of your contract of employment (if you have one).
If you ARE allowed to do it under the terms of your contract of employment then you would declare this as self employed (partnership) income. If you contact the tax office shown on your PAYE pay slip (assuming you get one) they should sort out a tax return for you.
It will really depend on your contract with your employer. Many contracts of employment stipulate that you agree not to undertake any other employment or business activity. If you do not have such a clause I can't see that they can have any objection.
As regards the tax aspects you will need to register as self employed with HMRC within three months of beginning the business even if it is in partnership with someone else. Technically failure to register will lead to a £100 fine but in more than twenty years I have never actually seen this levied.
Once registered you will receive a UTR ( tax reference) and will be required to complete tax returns annually. You will also need to consider Class 2 NIC if your self employed profits are high enough.
Very brief synopsis but if you need any more detail feel free to PM.
If I was minted and I could find away around paying tax I would, not because I am unpatriotic or because I have no morals but because I bust gut every day getting up going to work to earn money and I would want as little as possible to go to the tax man. I would rather isolate the charities I want to give to and give them my money directly then Allow some council estate chain smoking mum of five to get my money cause she don't wanna work.
Dig down into your contract of employment and there's likely to be a clause which states you must tell them.
That said, it doesn't mean they will automatically say no, it depends on your relationship and what it is you're doing. The clause is usually a cover all.
Thank you very much everyone for your answers. Its not in my contract but I shall have a look through the firm's "Green Book" which states all the do's and donts.
If I was minted and I could find away around paying tax I would, not because I am unpatriotic or because I have no morals but because I bust gut every day getting up going to work to earn money and I would want as little as possible to go to the tax man. I would rather isolate the charities I want to give to and give them my money directly then Allow some council estate chain smoking mum of five to get my money cause she don't wanna work.
So if you were minted you wouldn't want to be using roads (or pavements), police, ambulances or the fire brigade; the service of literate people; doctors and nurses, things built by engineers trained in universities, pharmaceutical products developed by scientists in universities, the coastguard or air traffic control. And you'd prefer to live in a country open to invasion by any other nation whose people are willing to pay taxes and fund an army.
You are obviously remarkably resourceful and very courageous. Good luck to you.
If I was minted and I could find away around paying tax I would, not because I am unpatriotic or because I have no morals but because I bust gut every day getting up going to work to earn money and I would want as little as possible to go to the tax man. I would rather isolate the charities I want to give to and give them my money directly then Allow some council estate chain smoking mum of five to get my money cause she don't wanna work.
So if you were minted you wouldn't want to be using roads (or pavements), police, ambulances or the fire brigade; the service of literate people; doctors and nurses, things built by engineers trained in universities, pharmaceutical products developed by scientists in universities, the coastguard or air traffic control. And you'd prefer to live in a country open to invasion by any other nation whose people are willing to pay taxes and fund an army.
You are obviously remarkably resourceful and very courageous. Good luck to you.
I would pay the least possible tax, I saw one of the funds could shrink your tax bill to £3,500 a year, you would have to be mad not to take up the offer. This whole tax avoidance is no different to the MP's expenses scandal, the MP's were happy enough to take money away from the public money pot so why can't we if we get the option.
Even the best businesses make losses in early years. If you are sharing the profits then presumably you will share any losses too. Those losses can legitimately be carried forward and set against any future profits.
You may also, as an alternative, be able to offset them against your "PAYE income" for the same year and thereby get a tax refund legally.
If I was minted and I could find away around paying tax I would, not because I am unpatriotic or because I have no morals but because I bust gut every day getting up going to work to earn money and I would want as little as possible to go to the tax man. I would rather isolate the charities I want to give to and give them my money directly then Allow some council estate chain smoking mum of five to get my money cause she don't wanna work.
So if you were minted you wouldn't want to be using roads (or pavements), police, ambulances or the fire brigade; the service of literate people; doctors and nurses, things built by engineers trained in universities, pharmaceutical products developed by scientists in universities, the coastguard or air traffic control. And you'd prefer to live in a country open to invasion by any other nation whose people are willing to pay taxes and fund an army.
You are obviously remarkably resourceful and very courageous. Good luck to you.
I would pay the least possible tax, I saw one of the funds could shrink your tax bill to £3,500 a year, you would have to be mad not to take up the offer. This whole tax avoidance is no different to the MP's expenses scandal, the MP's were happy enough to take money away from the public money pot so why can't we if we get the option.
But you'd be relying on others to pay a realistic level of tax to maintain the civilised place in which you'd wish to live, wouldn't you? It just feels a bit like freeloading to me.
If I was minted and I could find away around paying tax I would, not because I am unpatriotic or because I have no morals but because I bust gut every day getting up going to work to earn money and I would want as little as possible to go to the tax man. I would rather isolate the charities I want to give to and give them my money directly then Allow some council estate chain smoking mum of five to get my money cause she don't wanna work.
So if you were minted you wouldn't want to be using roads (or pavements), police, ambulances or the fire brigade; the service of literate people; doctors and nurses, things built by engineers trained in universities, pharmaceutical products developed by scientists in universities, the coastguard or air traffic control. And you'd prefer to live in a country open to invasion by any other nation whose people are willing to pay taxes and fund an army.
You are obviously remarkably resourceful and very courageous. Good luck to you.
I would pay the least possible tax, I saw one of the funds could shrink your tax bill to £3,500 a year, you would have to be mad not to take up the offer. This whole tax avoidance is no different to the MP's expenses scandal, the MP's were happy enough to take money away from the public money pot so why can't we if we get the option.
But you'd be relying on others to pay a realistic level of tax to maintain the civilised place in which you'd wish to live, wouldn't you? It just feels a bit like freeloading to me.
Cameron and the rest of the cabinet are all multi millionaires and I just wonder how they and or their families accrued their wealth without using tax efficient methods. Bunch of hypocritical gits.
It wouldnt take you more than 5 minutes research to find out, but I suppose that would spoil your indignation. how many Liberal members of the cabinet are multimillionnaires exactly?
FYI Osbourne's family built up a successful high end wallpaper company. I am sure all us ordinary folk would aim to make money from our business. And I would bet if we became successful every one of you who have children would leave your money to them. What are you moaning about? Should Osbournes family given it all away? To you perhaps? would that shut you up?
These 'hypocritical gits' you know sod all about - how many can you even name? - are the ones who are dedicated to eliminating these loopholes. Unlike the previous decade of snout-stuffing ''new'' labour in particular the endless measures instigated by Brown to help his multi millionnaire mates (including multimillionnaire Blair)
From the BBC about the scheme the Times highlighted ''Chancellor George Osborne wants to strengthen rules against this and similar schemes by introducing a General Anti-Abuse Rule (GAAR).
This aims to act as blanket legislation to allow the taxman to differentiate between what counts as responsible tax planning and what is abusive tax avoidance. Consultation on the plans has now been published, with the government intending to bring in the rule in 2013.''
Remember this rule tightening was instigated long before the Times brought the subject up.
Why didnt you socialist Darlings do something?
A socialist Darling called Alastair shafted us with bailing out the Euro and Blue labour Cameron didn't have the balls to reverse it or have the referendum on Lisbon that he promised because he was in complete agreement.
You expect the left to shaft Great Britain because they hate it and all it's institutions but not somebody whom claims to be a Conservative.
That is why I view Cameron with complete and utter contempt. He hates this country as much as the left does yet pretends to be something different.
Absolute hypocritical scum. Posh scum but still scum.
The 1% highest earners in the UK pay 30% of all income tax. There's a good argument for encouraging them to stay regardless of how much gets trousered through tax avoidance. They aren't that great in number, about 300,000 people earn above £150k. You would probably drive away the philanthropic wealthy and not actually catch the "temporary" wealthy celebs paying minimal tax. Drive the the good ones away and up goes the tax for the remaining 99%. Given that the bottom 50% of earners don't raise enough cash to pay for housing benefit it's the middle earners who will suffer the pain for the pleasure of kicking out the wealthy.
You expect the left to shaft Great Britain because they hate it and all it's institutions but not somebody whom claims to be a Conservative.
Len, you keep repeating this crap, but it's not true. The left don't hate Britain and all its institutions, they just value different things about it to those that you do.
Comments
I bet Harry Rednapp is on the phone to Jimmy right now.
The tax avoidance scheme was offered to me here, that's the funny thing I suppose in that I have never had a cracker from the Oz government and probably never will yet will pay tax here for about 40 years.....
I think the point remains the same though, a friend of my brother-in-laws is absolutely minted - his family own a chain of used car yards - yet he boasts about paying almost no tax because they pay themselves via a family trust.
The funniest thing? His wife is a copper.
Greece v Germany tonight then. Tax avoidance versus morally responsible upright citizens?
Say someone has asked me if i want to go into business with them. This will be done in my free time. Do I have to tell my current employers about this? I wont be paid a salary just a share of the yearly profits?
I just assume I declare it on my annual tax return. As I am PAYE I have never had to do a tax return. Anyone with any knowledge? Can my work tell me that I am not allowed to do it?
You will need to tell HMRC about any additional income.
If you ARE allowed to do it under the terms of your contract of employment then you would declare this as self employed (partnership) income. If you contact the tax office shown on your PAYE pay slip (assuming you get one) they should sort out a tax return for you.
Hope this helps a little.
As regards the tax aspects you will need to register as self employed with HMRC within three months of beginning the business even if it is in partnership with someone else. Technically failure to register will lead to a £100 fine but in more than twenty years I have never actually seen this levied.
Once registered you will receive a UTR ( tax reference) and will be required to complete tax returns annually. You will also need to consider Class 2 NIC if your self employed profits are high enough.
Very brief synopsis but if you need any more detail feel free to PM.
You are obviously remarkably resourceful and very courageous. Good luck to you.
Even the best businesses make losses in early years. If you are sharing the profits then presumably you will share any losses too. Those losses can legitimately be carried forward and set against any future profits.
You may also, as an alternative, be able to offset them against your "PAYE income" for the same year and thereby get a tax refund legally.
You expect the left to shaft Great Britain because they hate it and all it's institutions but not somebody whom claims to be a Conservative.
That is why I view Cameron with complete and utter contempt. He hates this country as much as the left does yet pretends to be something different.
Absolute hypocritical scum. Posh scum but still scum.
You would probably drive away the philanthropic wealthy and not actually catch the "temporary" wealthy celebs paying minimal tax. Drive the the good ones away and up goes the tax for the remaining 99%. Given that the bottom 50% of earners don't raise enough cash to pay for housing benefit it's the middle earners who will suffer the pain for the pleasure of kicking out the wealthy.