What do you think?

[Sapphire]

Re: What do you think?

To be honest I have no idea re the allowances but ......

As for cash in hand work I wonder if someone has had a guess at how much that costs the country per year.

I would take a rough guess and make that to be gazillions, there's loads out there at it, then there's the travellers who don't pay taxes, god knows how many immigrants who work cash in hand, and of course there's those who are unemployed or even on the sick who are working, and don't forget those who are getting housing benefits etc, all the local papers are full of people who are being caught out nowadays.

[Guest]

Re: What do you think?

Ok so what he is doing is legal purely and simply because he has sent his earnings abroad before they have gone into our tax system, therefore he has no tax bill and he is therefore not evading tax?
So because he does this he is merely avoiding tax which is fine?

Poor old Lester Piggott was jailed for tax FRAUD another word put in the mix to suit the occasion me thinks.

It is because the money the investment firm sends him back is in the form of a loan, and not income. Therefore it is not liable for tax.

In theory you could set up a similar system in this country, it is safer doing it abroad because if anything goes pear shaped the treasury cannot freeze the account.

It is a loophole that will be closed very quickly.

D

[enaid]

Re: What do you think?

[QUOTE=davyb;270556]It is because the money the investment firm sends him back is in the form of a loan, and not income. Therefore it is not liable for tax.

In theory you could set up a similar system in this country, it is safer doing it abroad because if anything goes pear shaped the treasury cannot freeze the account.

It is a loophole that will be closed very quickly.

D[/QUOTE

I fear that's why it's called a 'LOOPHOLE' as it's never ending as soon as that one closes another opens.

[Guest]

Re: What do you think?

[QUOTE=enaid;270557]

It is because the money the investment firm sends him back is in the form of a loan, and not income. Therefore it is not liable for tax.

In theory you could set up a similar system in this country, it is safer doing it abroad because if anything goes pear shaped the treasury cannot freeze the account.

It is a loophole that will be closed very quickly.

D[/QUOTE

I fear that's why it's called a 'LOOPHOLE' as it's never ending as soon as that one closes another opens.

The ridiculous complexity of our tax system breads loopholes unfortunately, much of it down to mr Browns government it has to be said, although the current lot have not done a lot to rectify the situation.

I think we all have to abide by the law, and if it permits this kind of avoidance then the fault lies with the law makers. Mr Cameron's criticisms were aimed at the wrong party in my opinion.

D

[enaid]

Re: What do you think?

[QUOTE=davyb;270558]

The ridiculous complexity of our tax system breads loopholes unfortunately, much of it down to mr Browns government it has to be said, although the current lot have not done a lot to rectify the situation.

I think we all have to abide by the law, and if it permits this kind of avoidance then the fault lies with the law makers. Mr Cameron's criticisms were aimed at the wrong party in my opinion.

D

I agree with you entirely, what first got my goat about these situations is when I read about Vodafone being let off for £6bn and then all the stuff with the MPs expenses.
To me and am sorry if you all shout at me, Mr Carr and all the others who blatantly avoid paying their dues should be dealt with very severely. If laws have to made then so be it. I am not talking about putting your toy poodle through yer books as a guard dog and reaping tax relief, I am meaning the people who are on imho obscene wages and yet still are not satisfied and have to have a little or a lot more by not paying their dues.

[labman]

Re: What do you think?

Lets put into the mix the majority who do not have a chance to get their tax at a discount
Paye and all the taxable benefits (and yes there are quite a few of those)

• Bereavement Allowance
• some Incapacity Benefit payments - not taxable for the first 28 weeks
• some Income Support payments - not taxable if you haven't signed on as unemployed and you're looking for work
• Employment and Support Allowance - contribution-based (if you have paid enough National Insurance contributions)
• pensions payable under the Industrial Death Benefit scheme
• Carer's Allowance - child dependency additions are not taxable
• Jobseeker's Allowance
• retirement pension - the State Pension is taxable but, unlike company pensions, it's paid to you without tax being taken off so you need to tell your Tax Office you're getting it
• Statutory Sick Pay
• Statutory Maternity Pay
• Widowed Parent's Allowance

I would love an accountant to have a stab at sending them abroad and sent back as a loan tax free.

So you don't actually think it's immoral, you just can't do it yourself? Neither can I, as I'm PAYE and it annoys me that my GP brother in law pays less tax than I do, yet earns 10 x more. Sadly life is unfair like that.

However long it is argued, at the end of the day, I think most of us would want to minimise our tax, thus maximise our income. If we did, we'd still want the same level of services for which our taxes pay, and so would then be complaining due to cuts in public services.

[Sapphire]

Re: What do you think?

I am not talking about putting your toy poodle through yer books as a guard dog and reaping tax relief.

Just like my little baby Bailey below ???? msl:

[enaid]

Re: What do you think?

I am not talking about putting your toy poodle through yer books as a guard dog and reaping tax relief.

Just like my little baby Bailey below ???? msl:

[ATTACH=CONFIG]7023[/ATTACH]

I know pmsl

[enaid]

Re: What do you think?

Well you wont change my mind, just because he could and others like him can too does not make it right and they should be done for Tax Fraud.
No matter what word you put in front, behind, or in the middle of TAX he did this so as to cop out of paying at the very least 19% of his dues and that's letting him off at the basic rate.
He is sorry now of course, now he's been named and imho shamed.

Labman no it is not the case I can't fiddle my tax myself it's because I think it is wrong they can get away with it and do to such a great extent and with such large amounts of money especially when so many without are being asked to go even further without.

[CleverClogs]

Re: What do you think?

Earlier this week it emerged that Carr had been using an aggressive, legal scheme which enables members to pay income tax rates as low as 1%.

The comic, who has famously lampooned fat cat bankers, was reportedly protecting some £3.3m a year by channelling cash through Jersey-based company K2.

But in the statement Carr said he was "no longer involved" in the scheme and added that he "will in future conduct my financial affairs much more responsibly".

He said:"I appreciate as a comedian, people will expect me to 'make light' of this situation, but I'm not going to in this statement as this is obviously a serious matter.

"I met with a financial advisor and he said to me 'Do you want to pay less tax? It's totally legal'.

"I said 'Yes'.

"I now realise I've made a terrible error of judgement. Apologies to everyone."

He spoke out after Prime Minister David Cameron branded his tax dodging "morally wrong"

When one considers the tax avoiding antics of David Cameron's late father - link - pots and kettles may spring to one's mind.

[New_Age_Biker]

Re: What do you think?

It's just a quick bit of publicity by Cameron & his cronnies to steer people away from Levison/ phone hacking/ media moguls/ backhanders (tax free or not) or what ever other Mr Naughty's our politicians are upto this week

[labman]

Re: What do you think?

I am not talking about putting your toy poodle through yer books as a guard dog and reaping tax relief.

Just like my little baby Bailey below ???? msl:

[ATTACH=CONFIG]7023[/ATTACH]

You deserve tax relief for owning something that cute!

[labman]

Re: What do you think?

Well you wont change my mind, just because he could and others like him can too does not make it right and they should be done for Tax Fraud.

I certainly agree with you there. Strangely I had cause to lookinto this a bit last week, and one thing I discovered was that the phrase you used that I've put in bold is particularly true. It is ONLY others like him. You and I couldn't, even if we weren't PAYE as there's substantial minimum deposits in order to be able to even open one of these offshore accounts. That fact alone means that this loophole applies only to the rich. One wonders whether this is really accidental, as when the rich were made to pay their taxes we suffered the brain drain. If I were cynical and untrusting, I might think that this is legalised evasion to avoid this happening again.

[Guest]

Re: What do you think?

Well you wont change my mind, just because he could and others like him can too does not make it right and they should be done for Tax Fraud.
No matter what word you put in front, behind, or in the middle of TAX he did this so as to cop out of paying at the very least 19% of his dues and that's letting him off at the basic rate.
He is sorry now of course, now he's been named and imho shamed.

Labman no it is not the case I can't fiddle my tax myself it's because I think it is wrong they can get away with it and do to such a great extent and with such large amounts of money especially when so many without are being asked to go even further without.

The problem is of course that it isn't, tax or any other kind of fraud.

It was a big mistake when Cameron used the word "moral" in my opinion. I think we are in for a month or so of high profile "immorall" activities of the fiduciary variety gracing our screens and newspapers.

The newspapers will undoubtedly adopt a high moral standpoint being then hypocrites that they are.

D

[labman]

Re: What do you think?

The problem is of course that it isn't, tax or any other kind of fraud.

It was a big mistake when Cameron used the word "moral" in my opinion. I think we are in for a month or so of high profile "immorall" activities of the fiduciary variety gracing our screens and newspapers.

The newspapers will undoubtedly adopt a high moral standpoint being then hypocrites that they are.

D

.... and some of the politicians being the hypocrites they are.