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  1. #11

    More time posting than coding


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    Change your accountants PDQ.

  2. #12

    Contractor Among Contractors


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    Quote Originally Posted by Jay12 View Post
    New to contracting and speaking with my accountants, they have suggested a couple of options to increase tax efficiency

    One is what they call 'advertising'

    Where i pay x to advertise on a b2b directory, and in return i am giving trade points which effectively equal pre-loaded and provided back to me on a credit card

    Still clarifying but i believe the points are x minus small fee

    The points are not subject to income tax
    Have you got stuff in writing from them confirming the above, and that is how it works (ie no risk you've misunderstood)? If it's true, this firm should be fined into oblivion. Sounds a bit like a repeat of Christopher Lunn, who eventually ended up in prison...but with many of their clients getting in a lot of trouble along the way.

  3. #13

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    Hmmm, DNS Accountants claim IPSE affiliation too. I wonder how far you'd get asking IPSE to defend you against HMRC if you followed DNS's advice then?
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  4. #14

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    Quote Originally Posted by Fred Bloggs View Post
    Hmmm, DNS Accountants claim IPSE affiliation too. I wonder how far you'd get asking IPSE to defend you against HMRC if you followed DNS's advice then?
    Aren't they a franchise so could have one or two wayward types unlike an owned setup that has multiple sites?
    'CUK forum personality of 2011 - Winner - Yes really!!!!

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  6. #16

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    Quote Originally Posted by SeanT View Post


    FTFY
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    Click here to get 15% off your first year's IPSE membership

  7. #17

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    Default Tax Dodging

    Quote Originally Posted by Jay12 View Post
    New to contracting and speaking with my accountants, they have suggested a couple of options to increase tax efficiency

    One is what they call 'advertising'

    Where i pay x to advertise on a b2b directory, and in return i am giving trade points which effectively equal pre-loaded and provided back to me on a credit card

    Still clarifying but i believe the points are x minus small fee

    The points are not subject to income tax

    I cant find much info about this type of option on these boards so just wanted to ask your opinion, if anyone has experience of this type of thing, general thoughts on this?
    Good marks for creativity but screams evasion

    Any accountant promoting/facilitating such schemes is to be avoided. Was introduced to such a scheme last week and when did some digging, directors were HK based and their company had been struck off a few months ago but were still touting it around. Not saying it's the same scheme but shows they're out there and people are still falling for them.

  8. #18

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    I do wonder how educated people fall for this BS especially theses really outlandish schemes. I'd go for one though if I was exchanging beer tokens

  9. #19
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    Quote Originally Posted by poorautojobber View Post
    I do wonder how educated people fall for this BS especially theses really outlandish schemes. I'd go for one though if I was exchanging beer tokens
    Because an expert is telling them its a good idea.
    merely at clientco for the entertainment

  10. #20

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    Quote Originally Posted by poorautojobber View Post
    I do wonder how educated people fall for this BS especially theses really outlandish schemes. I'd go for one though if I was exchanging beer tokens
    Many will do it on the basis "my accountant says it's ok, so it must be". When it comes to accounting/tax things, that mantra should be ok...but some accountants (and I use that term loosely) clearly don't give a poop about the law/ethics, bringing a bad name to the whole profession

    Hence my view, if you're in no doubt they are recommending what you're suggesting they're recommending, don't just leave, report these cowboys.

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