If people have an issue with Tax Avoidance, ask them if they use their personal allowance when calculating their annual tax bill... Avoidance is doing anything to reduce your tax bill that is not explicitly banned by law.
- Visitors can check out the Forum FAQ by clicking this link. You have to register before you can post: click the REGISTER link above to proceed. To start viewing messages, select the forum that you want to visit from the selection below. View our Forum Privacy Policy.
- Want to receive the latest contracting news and advice straight to your inbox? Sign up to the ContractorUK newsletter here. Every sign up will also be entered into a draw to WIN £100 Amazon vouchers!
(Tax Avoidance != Tax Evasion)
Collapse
X
-
-
Interesting that this should come up now - I wonder if there's a renewed interest in it because the government appears to be being advised by people like this wonk who tell them stuff they want to hear. He apparently makes no distinction.Comment
-
I think you're all a bunch of tax avoiders - avoiding tax by not earning as much as I do for my company. By not generating higher earnings, and therefore a higher tax bill, you are depriving the exchequer of much needed funds.Down with racism. Long live miscegenation!Comment
-
Originally posted by NotAllThere View PostI think you're all a bunch of tax avoiders - avoiding tax by not earning as much as I do for my company. By not generating higher earnings, and therefore a higher tax bill, you are depriving the exchequer of much needed funds.When you encounter speed humps, sound your horn in protest.Comment
-
My MP tried the Tax Avoiding line on me when we were dicsussing FBT. I pointed out the total tax bill for me and MyCo for the previous full year was a shade over £48k*, rather more than the average working man contributes to his MP's expense account, and if I'm doing tax avoidance then I'm really not very good at it.
* I didn't mention I had two concurrent contracts for a big chunk of it though...)Blog? What blog...?Comment
-
The government says they are opposed to artificial measures, hence the attacks on offshore trust/loan schemes.
However, you could argue that the following scenario is completely artificial:
Married couple. Partner A is a 40% tax payer. Partner B doesn't work. The couple transfer all savings into Partner B's name, thus minimising tax by utilising B's personal allowance & 10% band, and avoiding A having to pay additional 40% tax.
Were the couple to divorce, then all assets would be taken into account, including the savings in B's name. Therefore, it could be argued that A has a claim on the savings. Furthermore, since B isn't working, then the savings must presumably have come from A's salary ie. in effect the money really belongs to A.
However, closing this "loophole" would be rejected on point (b) below.
Government Definition: a tax avoidance arrangement is deemed to be artificial if closing it would (a) bring in loads of money and (b) not cost too many votes!Comment
-
Originally posted by malvolio View PostMy MP tried the Tax Avoiding line on me when we were dicsussing FBT. I pointed out the total tax bill for me and MyCo for the previous full year was a shade over £48k*, rather more than the average working man contributes to his MP's expense account, and if I'm doing tax avoidance then I'm really not very good at it.
* I didn't mention I had two concurrent contracts for a big chunk of it though...)
...good point though. And it is a good response in the pointless-and-shouldn't-get-sucked-into-it-in-the-first-place tax debate with permies, to respond with dismissive "I pay more tax than you, so let's not go there."When you encounter speed humps, sound your horn in protest.Comment
-
Originally posted by beercohol View PostIs that Fapital Banes Tax?
Blog? What blog...?Comment
-
bloggoth
If everything isn't black and white, I say, 'Why the hell not?'
John Wayne (My guru, not to be confused with my beloved prophet Jeremy Clarkson)Comment
-
Comment
- Home
- News & Features
- First Timers
- IR35 / S660 / BN66
- Employee Benefit Trusts
- Agency Workers Regulations
- MSC Legislation
- Limited Companies
- Dividends
- Umbrella Company
- VAT / Flat Rate VAT
- Job News & Guides
- Money News & Guides
- Guide to Contracts
- Successful Contracting
- Contracting Overseas
- Contractor Calculators
- MVL
- Contractor Expenses
Advertisers
Contractor Services
CUK News
- Streamline Your Retirement with iSIPP: A Solution for Contractor Pensions Sep 1 09:13
- Making the most of pension lump sums: overview for contractors Sep 1 08:36
- Umbrella company tribunal cases are opening up; are your wages subject to unlawful deductions, too? Aug 31 08:38
- Contractors, relabelling 'labour' as 'services' to appear 'fully contracted out' won't dupe IR35 inspectors Aug 31 08:30
- How often does HMRC check tax returns? Aug 30 08:27
- Work-life balance as an IT contractor: 5 top tips from a tech recruiter Aug 30 08:20
- Autumn Statement 2023 tipped to prioritise mental health, in a boost for UK workplaces Aug 29 08:33
- Final reminder for contractors to respond to the umbrella consultation (closing today) Aug 29 08:09
- Top 5 most in demand cyber security contract roles Aug 25 08:38
- Changes to the right to request flexible working are incoming, but how will contractors be affected? Aug 24 08:25
Comment