Debate House Prices


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Facebook pays just £4,327 corporation tax in 2014.

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Comments

  • Conrad
    Conrad Posts: 33,137 Forumite
    10,000 Posts Combo Breaker
    My Accountant asked us last week if we want to knock the corporation tax, apparently everyone's at it.


    He explained it would be pain free for us, and he already has a shell company set up we can migrate to.


    Normally I would not countenance such but I have to say I am tempted due to my being sort of worn down by the casual endemic benefits and tax cheating I see almost daily (through work).
  • Conrad wrote: »
    My Accountant asked us last week if we want to knock the corporation tax, apparently everyone's at it.


    He explained it would be pain free for us, and he already has a shell company set up we can migrate to.


    Normally I would not countenance such but I have to say I am tempted due to my being sort of worn down by the casual endemic benefits and tax cheating I see almost daily (through work).

    I would be careful, the line between tax avoidance and tax evasion is not very clear, especially with GAAR, get it wrong and you'll be in a whole pile of trouble.
  • Conrad
    Conrad Posts: 33,137 Forumite
    10,000 Posts Combo Breaker
    edited 20 October 2015 am31 10:39AM
    I would be careful, the line between tax avoidance and tax evasion is not very clear, especially with GAAR, get it wrong and you'll be in a whole pile of trouble.


    My Accountant says you just shut the Ltd co, they make out one has had a breakdown / gone awal and as the Ltd co has no tangible assets, the debt collectors have nothing they can 'collect', so the corp tax is written off.


    You would not believe the amount of outright avoidance going on - people come to me that have never paid any tax, they don't exist as far as HMRC are concerned, this is probably the demographic that don't vote either as they want to remain incognito*.


    Don't think I mean sole trade white van men either, I'm talking people from all walks of life that have even owned good sized enterprises for decades.


    *this usually elicits the response 'then report them', but understand many people like me in service based advice roles encounter this daily, we cannot just betray client trust and get a name for being a grass. Speak to divorce lawyers defending well off blokes, very often those blokes appear broke on paper - for example you go self employed and deal in cash alone.
  • wotsthat
    wotsthat Posts: 11,325 Forumite
    Conrad wrote: »
    You would not believe the amount of outright avoidance going on - people come to me that have never paid any tax, they don't exist as far as HMRC are concerned, this is probably the demographic that don't vote either as they want to remain incognito*.

    Do people come to you because you have a reputation for being an enabler of fraud and tax evasion or is it an industry wide issue?
  • Conrad wrote: »
    My Accountant says you just shut the Ltd co, they make out one has had a breakdown / gone awal and as the Ltd co has no tangible assets, the debt collectors have nothing they can 'collect', so the corp tax is written off.

    and then they go after the directors of the company for wrongful trading, can take them to court, and they can be found personally liable for the debts + costs + penalties + interest + fines

    as I said be VERY careful, you are going to start playing high stakes poker, and a single slip could pull a rug from under you.

    http://www.realbusinessrescue.co.uk/business-insolvency/trading-insolvent-director-responsibilities
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