“ I owe £180,000 in tax and I haven’t told my wife”

[AtW]

Low level tax evasion HMRC can live with, but 180k debt ain’t low level, budget now depends on high tax earners so if they all try using “schemes” (euphemism for tax evasion) then income tax take would drop massively.

[AtW]

But almost all trades people offer the option. In the past few years I have had guys quoting for Driveway, windows, doors, plastering, kitchen etc all give me the option. I have always opted for VAT included bank transfer instead. They have been fine with that, but surely if they offer it, plenty will take it.

Sounds like you had a lot of work done by honest folk, where did you get the money to afford it, with VAT on top?

[fullyautomatix]

Low level tax evasion HMRC can live with, but 180k debt ain’t low level, budget now depends on high tax earners so if they all try using “schemes” (euphemism for tax evasion) then income tax take would drop massively.

What if the scheme is HMRC compliant, QC approved, has DOTAS number, only available exclusively for a select number of IT contractors who are hand picked for this ? What if any HMRC challenge can be repelled back by using a top barrister like Anne Redston etc. All of that makes a difference, HMRC cant win all battles.

[fullyautomatix]

Sounds like you had a lot of work done by honest folk, where did you get the money to afford it, with VAT on top?

Used some schemes

[AtW]

What if the scheme is HMRC compliant, QC approved, has DOTAS number, only available exclusively for a select number of IT contractors who are hand picked for this ? What if any HMRC challenge can be repelled back by using a top barrister like Anne Redston etc. All of that makes a difference, HMRC cant win all battles.

HMRC will just ask to prepay tax due before 10 years of litigation is over

[AtW]

Used some schemes

I hear there is a brisk trade in registering sockies on here and selling them for cash without VAT...

[Zigenare]

That would be a clever trick - the biggest note any bank issues is £50 and most places will only accept £20s.

Banknotes have been issued for use specifically in Northern Ireland since 1929, and are denominated in pounds sterling. They are legal currency, but technically not legal tender anywhere (including Northern Ireland itself).[1] However, the banknotes are still widely accepted as currency by larger merchants and institutions elsewhere in the United Kingdom. Issuing banks have been granted legal rights to issue currency, and back the notes with deposits at the Bank of England.

First Trust Bank's current notes have a generic depiction of a Northern Irish person. A young middle-aged man appears on the £10 note, an elderly woman on the £20 note, an elderly man on the £50 note, and finally both elderly people together on the £100 note.

All First Trust Bank notes can continue to be used until 30 June 2022, after which time they will cease to be legal currency.

The certainty with which some people spout tulipe truly beggars belief.

[rootsnall]

How much would someone have had to gross over the years to accumulate a £180K loan charge?

I'm guessing some people on City investment banking money potentially owe a lot more than that !?

[DealorNoDeal]

The first bit yes, the second it didn't even enter their heads I expect.

Or if it did HMRC wouldn't go after them.

The bit I'm always open-mouthed about is the "but I was assured [by the salesman] that it was all legal and HMRC approved!!" defence.

I don't suppose anyone phoned HMRC to confirm that.

I used a scheme just after IR35 came in. In hindsight, it was a stupid kneejerk reaction. I got out after a year or so but it still cost me a chunk of change to settle.

By the late noughties the writing was totally on the wall (retro attacks) and anyone who used one after that needed their head examining.

[wattaj]

That would be a clever trick - the biggest note any bank issues is £50 and most places will only accept £20s.

£100s are still in use in Scotland. Probably due to a subsidy of some sort from Englandshire.