Paying Tax on a one off payment

One More Solo · 3 Mar 2014 at 17:04

Tute said:
Tell them to pay your Dad, it'll be under the threshold and tax free.

Then he gives you a "gift" of £1500.

Sorted.

While you're taking advantage of legal tax breaks to do this, fairly sure it still amounts to tax avoidance given the nature of the original transaction.

Disclaimer: I am not a tax adviser

toasteh · 3 Mar 2014 at 17:12

One More Solo said:
While you're taking advantage of legal tax breaks to do this, fairly sure it still amounts to tax avoidance given the nature of the original transaction.

Disclaimer: I am not a tax adviser

what he said. tell teh revenue, pay your tax and don't be a ****.

Disclaimer: I am not a tax adviser (yet).

spoffle · 3 Mar 2014 at 17:15

One More Solo said:
While you're taking advantage of legal tax breaks to do this, fairly sure it still amounts to tax avoidance given the nature of the original transaction.

Disclaimer: I am not a tax adviser

Tax avoidance is legal, and morality isn't something that comes into tax.

spoffle · 3 Mar 2014 at 17:16

toasteh said:
what he said. tell teh revenue, pay your tax and don't be a ****.

Disclaimer: I am not a tax adviser (yet).

So people who try to legally reduce their tax liabilities are "****"?

Yeah, no.

bertybenno · 3 Mar 2014 at 17:23

Think your allowed a cash gift of £3000per year anyway

Illusion · 3 Mar 2014 at 19:08

Make sure your dad claims it as income rather than yourself. I certainly wouldn't choose to pay unnecessary tax to the government that taxes every little thing I buy already.

robfosters · 3 Mar 2014 at 19:14

If the UK government let millionaire stars and companies like Jimmy Carr and Amazon get away with it, you should not feel guilty about it.

Jonnybmac · 3 Mar 2014 at 19:30

robfosters said:
If the UK government let millionaire stars and companies like Jimmy Carr and Amazon get away with it, you should not feel guilty about it.

this

Tefal · 3 Mar 2014 at 19:42

_Jimlad_ said:
This sounds like the sensible idea and more straight fwd

and it will taker approximately 5 years for you to get back to your correct tax code and a further 6-8 to get all your refunds lol

Tefal · 3 Mar 2014 at 19:43

Jonnybmac said:
this

And many people get a way with rape, fancy bending over for me? :confused:

Tefal · 3 Mar 2014 at 19:44

One More Solo said:
While you're taking advantage of legal tax breaks to do this, fairly sure it still amounts to tax avoidance given the nature of the original transaction.

Disclaimer: I am not a tax adviser

tax avoidance being perfectly legal, and a fancy term to try and misinform people the correct term which should actually be "paying the correct amount of tax"

robfosters · 3 Mar 2014 at 19:51

Tefal said:
And many people get a way with rape, fancy bending over for me?

Ridiculous analogy.

If the Police knew who was committing the rapes and had evidence, no one would get away with it.

They know full well who is dodging their tax.

spoffle · 3 Mar 2014 at 19:51

Tefal said:
And many people get a way with rape, fancy bending over for me?

Yeah, no. The point being the tax system is set up in this way to allow people to use it like this. Comparing it to rape is, well, just ridiculous.

Pudney · 3 Mar 2014 at 19:51

Tefal said:
tax avoidance being perfectly legal, and a fancy term to try and misinform people the correct term which should actually be "paying the correct amount of tax"

Depends, in the profession it's now commonly:

Tax planning - using normal and accepted methods to reduce tax
Tax avoidance - using possibly legal methods to reduce tax, although HMRC could challenge
Tax evasion - just wrong

spoffle · 3 Mar 2014 at 19:52

robfosters said:
Ridiculous analogy.

If the Police knew who was committing the rapes and had evidence, no one would get away with it.

They know full well who is dodging their tax.

People aren't "dodging their tax" they are paying as little as they can legally get away with. Why pay more tax than you legally owe?

spoffle · 3 Mar 2014 at 19:53

Pudney said:
Depends, in the profession it's now commonly:

Tax planning - using normal and accepted methods to reduce tax
Tax avoidance - using possibly legal methods to reduce tax, although HMRC could challenge
Tax evasion - Illegal

Fixed, as illegal isn't a synonym for wrong.

Pudney · 3 Mar 2014 at 19:55

spoffle said:
Fixed, as illegal isn't a synonym for wrong.

If it means that much to you.

stopper · 3 Mar 2014 at 19:55

toasteh said:
what he said. tell teh revenue, pay your tax and don't be a ****.

Disclaimer: I am not a tax adviser (yet).

The tax system is only there should an individual "choose" to work within the legal system.
There is no law that says you have to declare any income, in fact there is no law that says you have to even pay tax.
It is just automatically taken out of your earnings, simply because you are working within their tax system.

I wouldn't even bother declaring it, it's none of their business.

Pudney · 3 Mar 2014 at 19:57

stopper said:
The tax system is only there should an individual "choose" to work within the legal system.
There is no law that says you have to declare any income, in fact there is no law that says you have to even pay tax.
It is just automatically taken out of your earnings, simply because you are working within their tax system.

I wouldn't even bother declaring it, it's none of their business.

Any proof for this bold statement?

Jokester · 3 Mar 2014 at 19:58

Subscribing for lols.