being creative..........

BoGoF

katykitten wrote: »

this would be great if i could put it all into a pension- and not attract any tax at all!!

Well you can't, pension contributions aren't 'tax deductible' as such. If you are a higher rate taxpayer then you might reduce your higher rate liability but that's all.

antrobus

BoGoF wrote: »

Well you can't, pension contributions aren't 'tax deductible' as such. If you are a higher rate taxpayer then you might reduce your higher rate liability but that's all.

Sorry to dispute this statement, but yes they are.

Personal pension contributions might not appear to be tax deductible for basic rate taxpayers, but that's only because HMRC have decided to keep things simple and have decreed that such contributions are net of tax. You pay the provider £100, the provider gets £25 tax back from HMRC, which has the same effect as you paying £125 and then claiming £25 tax relief back from HMRC.

It's all here :-

http://www.hmrc.gov.uk/incometax/relief-pension.htm

BoGoF

antrobus wrote: »

Sorry to dispute this statement, but yes they are.

Personal pension contributions might not appear to be tax deductible for basic rate taxpayers, but that's only because HMRC have decided to keep things simple and have decreed that such contributions are net of tax. You pay the provider £100, the provider gets £25 tax back from HMRC, which has the same effect as you paying £125 and then claiming £25 tax relief back from HMRC.

It's all here :-

http://www.hmrc.gov.uk/incometax/relief-pension.htm

I'm quite well aware how personal pension schemes work thank you. The fact is if you have £20,000 of income and you pay £5,000 into a personal pension scheme then the taxable amount is still £20,000 - unless of course you are in a salary sacrifice scheme, which I doubt the OP is.

katykitten

BoGoF wrote: »

So what's this predicament? Be honest or commit fraud.....what a dilemma.....

how many accountants does it take to change a lightbulb?

two - one black and one white.....................

jennifernil

Well, at least she could boost her pension fund with some help from the taxpayer.

ManicMum

Declare your income. If you don't, I hope you get caught and dealt with accordingly. I wouldn't have the nerve to come on here and admit I was thinking about doing this. Why should we pay our taxes yet others feel they are somehow exempt?

katykitten

ManicMum wrote: »

Declare your income. If you don't, I hope you get caught and dealt with accordingly. I wouldn't have the nerve to come on here and admit I was thinking about doing this. Why should we pay our taxes yet others feel they are somehow exempt?

methinks one has got ones knickers in a right old twist here - there is a difference between tax AVOIDANCE and tax EVASION - i was hoping that forum users would be creative in their suggestions (as many have been) such a shame you are so judgemental, one would assume that you always pay your bills on time and never acquired so much as a parking ticket

BoGoF

katykitten wrote: »

welllllll i do but if i tell him about the money he is obliged to tell HMRC so you see my pridicament, plus i dont pay him to advise me just to do my tax returns

I think this post reveals your true intentions tbh.......

Mikeyorks

katykitten wrote: »

there is a difference between tax AVOIDANCE and tax EVASION -

Indeed - and you appear oblivious of it.

How do you intend to syphon your cash from a $USD account and into a useable £BGP account ...... without leaving an audit trail?

I'd also suggest looking at the Failure to Notify penalties on the HMRC site

ManicMum

katykitten wrote: »

methinks one has got ones knickers in a right old twist here - there is a difference between tax AVOIDANCE and tax EVASION - i was hoping that forum users would be creative in their suggestions (as many have been) such a shame you are so judgemental, one would assume that you always pay your bills on time and never acquired so much as a parking ticket

Correct. I always pay my bills on time. I did get a parking ticket once but this was due to a misunderstanding to do with hospital parking zones. I am only making a judgement based on what you have told us, which is that you are trying to avoid declaring your income.