Tax Evasion for us Plebs?

Chris Wilson · 9 Nov 2017 at 11:50

Avenged7Fold said:
If you were about to die, why would you care if the government seized assets to repay tax?

Have you not sensed there are some elements even on these very forums who passionately HATE our government?

G-MAN2004 · 9 Nov 2017 at 11:55

Avenged7Fold said:
If you were about to die, why would you care if the government seized assets to repay tax?

Because I'd rather have it all go to my family.

BigT · 9 Nov 2017 at 11:55

Matched Betting - profits are legit tax free and there's no risk.

Avenged7Fold · 9 Nov 2017 at 12:06

G-MAN2004 said:
Because I'd rather have it all go to my family.

Was more a question for the guy who is buying stuff the day before he dies only to destroy it... unless you are planning to leave them the ashes of whatever you destroyed

BigT said:
Matched Betting - profits are legit tax free and there's no risk.

Gambling is tax free in general. Even if it was your main source of income, if you paid income tax on it, then you would be able to declare your losses against winnings or any other income you paid tax on i would imagine.

Uther · 9 Nov 2017 at 12:07

Self employed / cash is king.

CREATIVE!11 · 9 Nov 2017 at 12:09

Silly sausage op, oh you such a silly boy op. Ha ha, so silly.

Avoiding tax is only for the rich, not the unwashed masses.

Hagar · 9 Nov 2017 at 12:10

Have a non working wife with a tax allowance. You can drop all your cash in her name and avoid paying tax. We did this when we sold our house.

It means a degree of trust.

Ayahuasca · 9 Nov 2017 at 12:11

nkata said:
Have a non working wife with a tax allowance. You can drop all your cash in her name and avoid paying tax. We did this when we sold our house.

It means a degree of trust.

Sounds extremely risky in this day and age

Admiral Huddy · 9 Nov 2017 at 12:11

Thread passed on the HMRC.GOV

Admiral Huddy · 9 Nov 2017 at 12:14

Uther said:
Self employed / cash is king.

Unfortunately this.. In a nutshell, You can put what ever you like through your books.. Whether you get away with it is another issue althoghter.

One of my wife's friends (childminder) put a whole new drive through her books stating her parents and children need to get to the front door safely. :rolleyes:

hardly "Wholly and Exclusively"!!!

Absolutely grinds me.

ubersonic · 9 Nov 2017 at 12:16

No1newts said:
it seems the mega rich get a free pass to avoid bothering with taxes. Just wondering if anyone knows of ways us plebs can avoid paying anything or less?

Buy things from EU countries instead of the USA to avoid paying import tax, simple but effective.

Uther · 9 Nov 2017 at 12:16

Admiral Huddy said:
Thread passed on the HMRC.GOV

Ah so that's how you made Admiral!

Randomface74 · 9 Nov 2017 at 12:17

chroniclard said:
Isas and pensions are the most common ones us plebs use to reduce tax burden.

this

Tom_ed1987 · 9 Nov 2017 at 12:19

Increase your pension contributions.
Offer cash in hand and a friendly wink for any work by a tradesmen.
Invest in an ISA.
Convert your car to LPG.
Transfer your house to your children when you are 50.
Buy stuff on eBay from China & fall through the customs net.

I'm confident that the majority of those displaying outrage at the recent news are hypocrites.

Mark M · 9 Nov 2017 at 12:20

DampCat said:
You can actually send family as much money as you like tax free, as long as you don't require that money to live. If you have a job that can support your lifestyle and you pay tax on it, the rest is golden.

Hes talking about IHT. There is no tax on gifts if you live longer than 7 years.

touch · 9 Nov 2017 at 12:21

FL630 said:
I know tax evasion is immoral, but it's not technically illegal.

Tax evasion is illegal!

Mark M · 9 Nov 2017 at 12:21

Tom_ed1987 said:
Increase your pension contributions.
Offer cash in hand and a friendly wink for any work by a tradesmen.
Invest in an ISA.
Convert your car to LPG.
Transfer your house to your children when you are 50.
Buy stuff on eBay from China & fall through the customs net.

I'm confident that the majority of those displaying outrage at the recent news are hypocrites.

The one in bold is a gift with reservation if you still live there which can open you up to issues.

FL630 · 9 Nov 2017 at 12:22

touch said:
Tax evasion is illegal!

My bad, I don't know the technical terms to not pay tax by exploiting loopholes, but I'm sure most people get the gist of what I meant by my statement.

Hotwired · 9 Nov 2017 at 12:25

I can feel the outrage from here.

Admiral Huddy · 9 Nov 2017 at 12:27

billysielu said:
this

Yep I've just entered into a salary sacrifice scheme. It's money for nothing... and i can ( I believe) take a lump sum at 55 ..