The 'who's' getting shafted over tax avoidance thread?

[MarillionFan]

It's my business because my business actually pays taxes, so I am not very keen at those who dodge them

Really Jimmy?

Then how come your company bank balance is so high then? Is it because you're paying yourself minimum dividends and salary isn't it?

[Mich the Tester]

In my view Sir Chris Hoy dodged bank tax by taking massive 0% loan from his own company which even with BIK attracted much lower rate of tax than actual market rates charged by banks on loans with such conditions.

Hence, he deprived banking system which is mostly owned by the taxpayer from essential revenues.

I rest my case my Lords - please reach your fair decision and execute the offender without any undue delay.

You can rest your case but it's so full of holes that your underpants are falling out of it. Please tidy it up.

' he deprived banking system which is mostly owned by the taxpayer from essential revenues.' This is absolute, unadulterated bollocks. There's nothing to prevent another company offering a service that a state owned bank offers. Indeed, any law preventing that would be transgressing competition laws. You don't understand this 'free market economy' thing do you?

[AtW]

There's nothing to prevent another company offering a service that a state owned bank offers.

The business would need a banking license, deal with FSA, money laundering requirements and lots of other very real and very expensive bollocks.

He made a massive loan to himself, if that loan was most of money his business had perhaps that changed nature of his business into loan company? It's not five grand he took here - the loan was (as published) to buy real estate, something normally financed by proper companies that specialise in it - banks.

His saving grace was that he repaid the loan quickly.

[Mich the Tester]

The business would need a banking license, deal with FSA, money laundering requirements and lots of other very real and very expensive bollocks.

He made a massive loan to himself, if that loan was most of money his business had perhaps that changed nature of his business into loan company? It's not five grand he took here - the loan was (as published) to buy real estate, something normally financed by proper companies that specialise in it - banks.

This is the most idiotic phrase of the lot. There's a chap nearby who has a 'proper company that specialises' in selling lollipops and other sweeties and choccy bars. Do you think the petrol station should be banned from selling wine gums because it isn't among 'proper companies that specialise in it'?

[AtW]

Then how come your company bank balance is so high then?

It would have been higher if I never found this place

[AtW]

This is the most idiotic phrase of the lot. There's a chap nearby who has a 'proper company that specialises' in selling lollipops and other sweeties and choccy bars. Do you think the petrol station should be banned from selling wine gums because it isn't among 'proper companies that specialise in it'?

If petrol station decides to sell alcohol it will need appropriate license to do so. Even selling petrol is likely to require some extra paperwork.

If his business starts competing with banks it should be on the same level playing field.

[Mich the Tester]

If petrol station decides to sell alcohol it will need appropriate license to do so.

If his business starts competing with banks it should be on the same level playing field.

Oh dear.

We all compete with the banks. I work at clientco, clientco pays me 60 days later. When I do that, I am lending them money, giving them credit. They could in fact borrow money from a bank and pay me before I start each day, but because I can offer a better deal, they don't. Your ideas would destroy all normal business transactions where payment is given after receiving the service or product.

[AtW]

We all compete with the banks. I work at clientco, clientco pays me 60 days later. When I do that, I am lending them money, giving them credit.

Providing services without being paid in advance is not the same as lending money.

Your ideas would destroy all normal business transactions where payment is given after receiving the service or product.

Not at all - but now that you mentioned late payments I'd certainly make sure that payments are fairly quick.

[Mich the Tester]

Providing services without being paid in advance is not the same as lending money.

How so?

Please explain for the benefit of me and indeed Dodgy, who probably has to pay some of his contractors before he gets paid by the client (hence taking on some credit risk).

[AtW]

Please explain for the benefit of me and indeed Dodgy, who probably has to pay some of his contractors before he gets paid by the client (hence taking on some credit risk).

You provide credit but you do not lend money.

Hence your example is irrelevant.