Originally posted by northernladuk
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Previously on "Breaking the rules - How do people get away with it."
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I had a contractor colleague who had been claiming for the same daily journey for 4 years. He knew about the 24 month rule but was claiming 'because I want to'.
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I all comes down to "Can you prove It's a genuine Business expense if (when) your investigated?"
If you think your company needs 2 Alienware Laptops with GTX 780ti then fill your boots!
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Originally posted by cojak View PostNLUK is havin' a larf...
HMRC tax evasion hotline receives 72,000 calls - FT.com
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Originally posted by northernladuk View PostLook up their company names on a company check site and dob them in to HMRC. You'll get a percentage of the recovered tax.
MP's fiddled their expenses for many years and just got a slap on the wrist.... whats good for the goose ;-)
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Look up their company names on a company check site and dob them in to HMRC. You'll get a percentage of the recovered tax.
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Originally posted by northernladuk View PostAs a director you have a legal responsibility to run your finances properly. Your accountant only provides you a service. You sign the paperwork to say its correct. Just because you have an accountant doesn't mean you are in the clear. It's your responsibilty to make sure things are right and proper. Wholly and exclusively for the business is a pretty simple concept and pleading ignorance won't work. Am sure the accountants will get in to a lot of trouble as well but don't think for a minute its not your problem.
As i said, already have the EBT thing hanging over my head so not even tempted to try and fiddle anything Ltd Co wise, just not worth the risk, however small that risk is.
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Oh yeah... And don't listen to other contractors. Lying toss pots the lot of em.
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As a director you have a legal responsibility to run your finances properly. Your accountant only provides you a service. You sign the paperwork to say its correct. Just because you have an accountant doesn't mean you are in the clear. It's your responsibilty to make sure things are right and proper. Wholly and exclusively for the business is a pretty simple concept and pleading ignorance won't work. Am sure the accountants will get in to a lot of trouble as well but don't think for a minute its not your problem.
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Originally posted by Tomo1971 View PostThinking about it, me too.
Unless it could be bought really cheap and sold 'as new' at a price difference better than the tax saving?
Not only is it tax evasion, its also likely to get you in trouble with the VAT man (assuming you're VAT registered) if they catch wind of it.
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I worked with someone whose accountant insisted his company pay him £10k as a finders fee for the contract. They were the only accountants doing this. 50% were rejected, 50% got through.
HMRC cannot check everyone.
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Originally posted by TheCyclingProgrammer View PostMaybe its because I'm tired but I'm struggling to see how this benefits anybody...
Unless it could be bought really cheap and sold 'as new' at a price difference better than the tax saving?
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Originally posted by Tomo1971 View Post* Buy a laptop every couple of months, sell it on eBay, pocket the money and say it was damaged at work (as we work outside in all sorts of weathers and with lots of other careless people, this could be feasible)
* Put absolutely every receipt through the business.... One put his family flights to Egypt through the business
This is why its important to have a good grasp of the rules yourself. You'd be amazed at how often people turn up on here who have been claiming things they shouldn't with the excuse "but my accountant said it was OK".
Of course, the reality is that many people will get away with stuff like this. HMRC simply don't have the resources to review every single tax return they receive. They will pick some to investigate based on risk analysis and I think they also pick random batches for checks too. That's the best they can do. Its a lot easier for them to target things like mass avoidance schemes as they can normally target many people in one fell swoop and the recovered tax is likely to make it more worthwhile.Last edited by TheCyclingProgrammer; 9 July 2014, 18:17.
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