Advertising

[washed up contractor]

Change your accountants PDQ.

[Maslins]

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.

[Fred Bloggs]

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?

[northernladuk]

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?

[SeanT]

https://www.youtube.com/watch?v=7FPELc1wEvk

[TheFaQQer]

https://www.youtube.com/watch?v=7FPELc1wEvk

FTFY

[Darren at Fox-Bartfield]

Tax Dodging

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.

[poorautojobber]

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

[eek]

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 it’s a good idea.

[Maslins]

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.