| Surprising tax dodgers 07:59 - Mar 21 with 1615 views | GeoffSentence |
Apparently there is a type of tax avoidance scheme where a fake company is set up, that company pays a small wage and gives a non-taxable, non-repayable loan to make up the rest of the person's income.
Perhaps not surprisingly the people who take most advantage of this are book-keepers.
Second on the list are medical professionals and nurses. |  |
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| Surprising tax dodgers on 08:03 - Mar 21 with 1584 views | Plums |
What’s a ‘fake company’? You either register at Companies House or you don’t. |  |
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| Surprising tax dodgers on 08:05 - Mar 21 with 1580 views | GeoffSentence |
| Surprising tax dodgers on 08:03 - Mar 21 by Plums |
What’s a ‘fake company’? You either register at Companies House or you don’t. |
They didn't explain the term on thw wireless box, but i guess one that is set not to provide a service other than to pay a tax free non-repayable loan. | |
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| Surprising tax dodgers on 08:06 - Mar 21 with 1571 views | TractorWood |
You probably need to provide a few more details or links to corroborate these nebulous allegations. [Post edited 21 Mar 2021 8:07]
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| Surprising tax dodgers on 08:10 - Mar 21 with 1537 views | GeoffSentence |
| Surprising tax dodgers on 08:06 - Mar 21 by TractorWood |
You probably need to provide a few more details or links to corroborate these nebulous allegations. [Post edited 21 Mar 2021 8:07]
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Sadly it was on the Radio, Times Radio and they were quoting a report in the Times Newspaper, which is behind a paywall. I am sure you can find it there if you pay your cash. | |
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| Surprising tax dodgers on 08:13 - Mar 21 with 1520 views | WD19 |
Didn’t footballers use to do this en masse, but got caught out and ended up with massive bills? |  | | |
| Surprising tax dodgers on 08:15 - Mar 21 with 1506 views | jeera |
| Surprising tax dodgers on 08:10 - Mar 21 by GeoffSentence |
Sadly it was on the Radio, Times Radio and they were quoting a report in the Times Newspaper, which is behind a paywall. I am sure you can find it there if you pay your cash. |
Is the cost of the paywall tax deductible? |  |
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| Surprising tax dodgers on 08:16 - Mar 21 with 1506 views | GeoffSentence |
| Surprising tax dodgers on 08:13 - Mar 21 by WD19 |
Didn’t footballers use to do this en masse, but got caught out and ended up with massive bills? |
I dunno if they used this one, would't surprise me as they are attracted to any tax avoidance scheme they can. Weren't there a few caught up in one which involved putting money into the film industry. | |
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| Surprising tax dodgers on 08:17 - Mar 21 with 1494 views | GeoffSentence |
| Surprising tax dodgers on 08:15 - Mar 21 by jeera |
Is the cost of the paywall tax deductible? |
Probably is if you move in the right circles. | |
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| Surprising tax dodgers on 09:46 - Mar 21 with 1372 views | factual_blue |
| Surprising tax dodgers on 08:10 - Mar 21 by GeoffSentence |
Sadly it was on the Radio, Times Radio and they were quoting a report in the Times Newspaper, which is behind a paywall. I am sure you can find it there if you pay your cash. |
Times Radio.
Right..... |  |
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| Surprising tax dodgers on 09:54 - Mar 21 with 1357 views | factual_blue |
| Surprising tax dodgers on 08:06 - Mar 21 by TractorWood |
You probably need to provide a few more details or links to corroborate these nebulous allegations. [Post edited 21 Mar 2021 8:07]
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I would think that it is more likely that some employment agencies for medical staff require those on their books to become 'companies' to avoid being regarded as employees of the agency with all that entails for the agency - collecting PAYE, NI etc. | |
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| Surprising tax dodgers on 10:00 - Mar 21 with 1343 views | BlueRaider |
It would have to be quite large, small companies get caught by close company rules and have to pay penalty tax on loan balances to participators
For larger companies, there would be tax implications if the loans were written off, so not quite sure how it could work.
If you sat them overseas there is a ton of anti-avoidance to combat that too.
The only way I can see it is if companies house are being slack with regard to identifying people setting up companies |  |
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| Surprising tax dodgers on 10:02 - Mar 21 with 1326 views | GlasgowBlue |
| Surprising tax dodgers on 08:03 - Mar 21 by Plums |
What’s a ‘fake company’? You either register at Companies House or you don’t. |
He means umbrella company. It’s been common practice for agency workers for some time. HMRC are now cracking down on them. Some people have been getting backdated bills from HMRC for nearly £500k. |  |
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| Surprising tax dodgers on 10:39 - Mar 21 with 1279 views | TractorWood |
| Surprising tax dodgers on 09:54 - Mar 21 by factual_blue |
I would think that it is more likely that some employment agencies for medical staff require those on their books to become 'companies' to avoid being regarded as employees of the agency with all that entails for the agency - collecting PAYE, NI etc. |
IR35 was introduced solely to distinguish when PSCs could and mostly couldn't be used. Not sure people would be as foolish to carry on doing it. [Post edited 21 Mar 2021 10:42]
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| Surprising tax dodgers on 10:40 - Mar 21 with 1273 views | TractorWood |
| Surprising tax dodgers on 10:02 - Mar 21 by GlasgowBlue |
He means umbrella company. It’s been common practice for agency workers for some time. HMRC are now cracking down on them. Some people have been getting backdated bills from HMRC for nearly £500k. |
Yep IR35. It was a thing most people reviewed about 2 years ago. | |
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| Surprising tax dodgers on 10:46 - Mar 21 with 1258 views | BlueBadger |
The vast majority of the doctors and nurses doing this are those who are doing agency/locum work.
It's basically a dodge set up by the agencies to reduce THEIR tax bills and a lot of them mysteriously will have 'nothing in your area for you at the moment I'm afraid' if you want to actually be honest about your affairs. |  |
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| Surprising tax dodgers on 10:47 - Mar 21 with 1255 views | BlueBadger |
| Surprising tax dodgers on 08:06 - Mar 21 by TractorWood |
You probably need to provide a few more details or links to corroborate these nebulous allegations. [Post edited 21 Mar 2021 8:07]
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It's common practice amongst the doing agency and locum work, see also my other reply. [Post edited 21 Mar 2021 12:58]
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| Surprising tax dodgers on 10:54 - Mar 21 with 1240 views | BlueBadger |
| Surprising tax dodgers on 09:54 - Mar 21 by factual_blue |
I would think that it is more likely that some employment agencies for medical staff require those on their books to become 'companies' to avoid being regarded as employees of the agency with all that entails for the agency - collecting PAYE, NI etc. |
Essentially that. You'll be surprised how little work can be found for you if you refuse to do this. | |
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| Surprising tax dodgers on 14:36 - Mar 21 with 1136 views | HARRY10 |
| Surprising tax dodgers on 08:10 - Mar 21 by GeoffSentence |
Sadly it was on the Radio, Times Radio and they were quoting a report in the Times Newspaper, which is behind a paywall. I am sure you can find it there if you pay your cash. |
The firefox has an add on called Bypass firewalls - which does just that
Absolutely excellent.............enormous variety of papers you can read, home and abroad | | | |
| Surprising tax dodgers on 14:53 - Mar 21 with 1113 views | daisyisabaddog |
A loan to a participator (shareholder/director) is taxable under S455 of the Taxes Acts if not repaid within 9 months of the accounting year. That tax becomes repayable when the loan is refunded. | | | |
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