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Schiit products

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Leif

New member
May 11, 2014
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davedotco said:
jonathanRD said:
jjbomber said:
jonathanRD said:
Search GOV.UK for Accelerated Payments, GAAR and DOTAS - all examples of the fight against evasion.
Tax evasion is illegal. Tax avoidance is using the legal loopholes to minimise a tax liability. Be careful to differentiate between the two.
Schiit! - yes easily done when you are not concentrating *blush*
I was reading up on this yesterday, HMCE seem pretty hot, claiming over 90% of due taxes actually being collected but this does not tell us the amounts being legally avoided.

My cynical mind still maintains that the laws are deliberately complex to allow certain people or organisations to avoid tax with the governments blessing whilst others less fortunate are persued mercilessly.

I'll get the tinfoil...
It's hard to know for sure. In Brixham, South Devon, most trades seem to prefer cash in hand, or a cheque written out to someone they owe money too. Do HMRC record that? Limited companies with one employee can pay profit out as dividends, attracting less tax. Sometimes its reasonable, sometimes not. Paying a shell company for the right to use a logo is fraud in principle IMO, but sadly legal. I'm sure the EU recently ruled against one company doing that.

Then there is legally reducing tax by means of pension contributions, ISA's and offsetting Buy To Let mortgage interest payments against tax. Should someone be allowed to pay £40,000 including tax relief per year into a pension?

Complex tax laws are good for expensive accountants.
 

jjbomber

Well-known member
Dec 22, 2006
623
190
19,070
Leif said:
hould someone be allowed to pay £40,000 including tax relief per year into a pension?
Yes, because the pension is taxable when people take their money out. More importantly, it keeps people from claiming on benefits when they get older. A great example of a carrot when the government usually prefers sticks.
 

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