Reply to: Tax Evasion/ Avoidance Question

[Taita]

My guess would be a reduced purchase price with an (artificially) inflated charge for fixings and fittings.

Yes. That's the usual one but please share the others just in case some of us could not be bothered with traditional sleep!

[BolshieBastard]

Let sleeping dogs lie and plead ignorance if hmrc did uncover anything. After 8 years id be very surprised if theydid start digging.

[webberg]

Can he confess to HMRC = YES
Will that result in a tax/interest/penalty = PROBABLY
Will that debar him from directorships or harm his credit standing = NO (it is a private matter between him and HMRC and is not public knowledge).

[northernladuk]

I'd love to see the interest on that one

[Platypus]

I thought "they" could only look back 7 years. Forget it is my advice

[centurian]

I'm curious to know how your, um, "friend" managed to avoid paying the full stamp duty when property transactions are usually handled by a solicitor.

For purchases involving a mortgage, the mortgage company will insist on the solicitor paying stamp duty, so the buyer has to pay the solicitor prior to completion before the mortgage company will release the funds.

For cash purchases, you can opt to file/pay yourself within the time limit (28 days after completion I think).

[Ticktock]

I'm curious to know how your, um, "friend" managed to avoid paying the full stamp duty when property transactions are usually handled by a solicitor.

Presumably you, sorry _he_ (or she), made an extra undeclared side payment.

My guess would be a reduced purchase price with an (artificially) inflated charge for fixings and fittings.

[OwlHoot]

I'm curious to know how your, um, "friend" managed to avoid paying the full stamp duty when property transactions are usually handled by a solicitor.

Presumably you, sorry _he_ (or she), made an extra undeclared side payment.

[MarillionFan]

Not sure he would sleep well himself if he did that.

I'd sleep a damn well better with the 4k in my bank than wasted by HMRC.

[busgrw]

Your friend is dumb. Let sleeping dogs lie.

Not sure he would sleep well himself if he did that.

[busgrw]

so 'your friend' had a change of heart after 8 years? why?

Honestly, nothing more than a better understanding of what he had done. He bought when he was very young and didn't know what he was doing. Now, he understands a bit more about the law, he is looking to rectify the situation.

[busgrw]

I sense an SC questionnaire looming...

What is an SC questionnaire?

[cojak]

I sense an SC questionnaire looming...

[MarillionFan]

Hi,

Hoping someone can advise.

A friend of mine has recently realised that he has been a 'numpty' and avoided/ evaded tax around 8 years ago to the amount of £4000 (he was naive in his youth). It was something to do with paying less stamp duty than he should have when buying a house. Now he has found out, he wants to own up to it (potentially through the Contractual Disclosure Facility (CDF) if that's the right mechanism).

The question is, once he owns up to it, will he still be able to be a Director of his company and ultimately still contract?

Any advise would be appreciated.

Your friend is dumb. Let sleeping dogs lie.

[turbowoowoo]

Hi,

Hoping someone can advise.

A friend of mine has recently realised that he has been a 'numpty' and avoided/ evaded tax around 8 years ago to the amount of £4000 (he was naive in his youth). It was something to do with paying less stamp duty than he should have when buying a house. Now he has found out, he wants to own up to it (potentially through the Contractual Disclosure Facility (CDF) if that's the right mechanism).

The question is, once he owns up to it, will he still be able to be a Director of his company and ultimately still contract?

Any advise would be appreciated.

so 'your friend' had a change of heart after 8 years? why?