The concept mentioned in the original post! Introducing cash earned from professional gambling into the gambling consultancy company and paying himself a salary.
I’d like to think a handful of mortgage advisors would be able to overlook the fact he has zero income via wages or stated on a tax return but the vast majority want to see income for their affordability checks.
I was just looking for some feedback but thank you for going above and beyond with the undertone of hostility, I apologise this scenario upset you so much.
Oh and I’m obviously aware this isn’t money laundering but to an outsider looking in at someone wanting to pay ‘personal’ money in to a company to voluntarily pay tax definitely screams money laundering!
Does this still apply, please? One department at HMRC said that agents are no longer able to register clients for PAYE but then another department said he still has agents come through that have registered clients online. When trying to register a client for PAYE via the online services account it redirects me to my agent services account but then I have no client list on there and it states that PAYE is one of the things you can't access! Seems like they have only made it possible for clients to register?
Selling all assets for £1.
Call it £100, or even £1000!
My question was to try and find out the legitimacy of a contract to that nature to benefit from lower tax rates.
I would assess their total income for the year too and see if it would be worth selling assets for £10k to utilise their personal allowance too if possible.
You seem hung up on the pricing but I would imagine you understand the principle of what I’m asking?
From the responses I have seen I am happy that I can suggest offering an invoice to this nature.
I heard of it happening some years ago and wondered if there was anything solid to indicate it can’t or shouldn’t be done. Nothing solid here!
I’m glad it everyone responding though, we can only hope it goes to tribunal and we see an outcome!
Thanks all
If only everything was as clear cut! It isn’t fraud in my opinion, it has a questionable air about it but it feels like tax avoidance to me, not tax evasion. Should you have me claim CGT rates at 20% on the intangibles as to not defraud the revenue too?
My answers
Thank you. Will read properly tomorrow!
The concept mentioned in the original post! Introducing cash earned from professional gambling into the gambling consultancy company and paying himself a salary.
I’d like to think a handful of mortgage advisors would be able to overlook the fact he has zero income via wages or stated on a tax return but the vast majority want to see income for their affordability checks.
I was just looking for some feedback but thank you for going above and beyond with the undertone of hostility, I apologise this scenario upset you so much.
Oh and I’m obviously aware this isn’t money laundering but to an outsider looking in at someone wanting to pay ‘personal’ money in to a company to voluntarily pay tax definitely screams money laundering!
Quite!
Does this still apply, please? One department at HMRC said that agents are no longer able to register clients for PAYE but then another department said he still has agents come through that have registered clients online. When trying to register a client for PAYE via the online services account it redirects me to my agent services account but then I have no client list on there and it states that PAYE is one of the things you can't access! Seems like they have only made it possible for clients to register?
Because there are more than 70 self employed people in the U.K. that don’t require payroll services.
Selling all assets for £1.
Call it £100, or even £1000!
My question was to try and find out the legitimacy of a contract to that nature to benefit from lower tax rates.
I would assess their total income for the year too and see if it would be worth selling assets for £10k to utilise their personal allowance too if possible.
You seem hung up on the pricing but I would imagine you understand the principle of what I’m asking?
From the responses I have seen I am happy that I can suggest offering an invoice to this nature.
I heard of it happening some years ago and wondered if there was anything solid to indicate it can’t or shouldn’t be done. Nothing solid here!
I’m glad it everyone responding though, we can only hope it goes to tribunal and we see an outcome!
Thanks all
£6k
If only everything was as clear cut! It isn’t fraud in my opinion, it has a questionable air about it but it feels like tax avoidance to me, not tax evasion. Should you have me claim CGT rates at 20% on the intangibles as to not defraud the revenue too?
Deception or providing the most efficient tax position for the client you’re engaged to act for?
Such a strong use of words there.
Yes I did but there was only the truck on there!