Reply to: Time to start using the Bank of Under the Mattress

[xoggoth]

Bring back Gordon Brown!

Constant fiddling with CT, constant fiddling with tax credits. Maybe flexibility, admitting you got it wrong first time and being willing to revise is a plus point. Dunno about constant cockups and revisions though. Bliar is accused of many mistakes, Iraq etc, but keeping GB as chancellor was probably the worst of them.

Mind you, GB did keep us out of the Euro, nobody is all bad. My hero Adolph did a great job of curing unemployment and inflation.

[AtW]

I don't think they can raid a personal account; which is why it is a GOOD idea to keep your account lean.

The whole point of this is to enable them to raid your personal account.

[AtW]

Seems to have paid off for a few I must say....

Look, it's like this - Bliar was means tested and found to be poor among his billionaire mates, so they chipped in a few tax credits for him to afford his own boat.

[AtW]

So, they took the money, then after I submitted my tax return to say that no taxes are owed, they refunded the lot

Sounds like the system worked out nicely. Submit your tax return early next time.

HTH

[Doggy Styles]

WHS

Taper relief on CGT
Max of 40% income tax
Much lower house prices that were guaranteed to double quickly

The true pro-business Govt run by people who were intensely relaxed about people getting filthy rich.

What's not to like?

indeed. His tax credit system was brilliant, a Sistine Chapel of legislation. Admittedly IR35 was more of a Jackson Pollock.

[DimPrawn]

WHS

Taper relief on CGT
Max of 40% income tax
Much lower house prices that were guaranteed to double quickly

The true pro-business Govt run by people who were intensely relaxed about people getting filthy rich.

What's not to like?

Seems to have paid off for a few I must say....

[AtW]

Bring back Gordon Brown!

WHS

Taper relief on CGT
Max of 40% income tax
Much lower house prices that were guaranteed to double quickly

The true pro-business Govt run by people who were intensely relaxed about people getting filthy rich.

What's not to like?

[Doggy Styles]

Bring back Gordon Brown!

[_V_]

I would suggest HMR&C seize everyone's primary residence, that way any unpaid tax can be taken from rampant house price inflation. Win win. They get as much money as they want, we don't even notice its gone.

[BlasterBates]

I had the german finanzamt raid my german bank account last year for "taxes in advance" that I refused to pay because I knew that in that particular year I wasn't going to owe any taxes at all. So, they took the money, then after I submitted my tax return to say that no taxes are owed, the refunded the lot

You can sort that out with a polite letter pointing out that you have no income and with an interim P&L showing 0 income. They usually respond by cancelling the demand within a couple of weeks.

You need to inform the Finanzamt that you are no longer freelancing, and sort it out when they send you the letter with their estimates at the beginning of the tax year.

A German accountant would normally do that for you.

[PurpleGorilla]

Any ideas in the case of an IR35 investigation whether they could raid a ltd company warchest for "unpaid taxes", or would they just raid an individuals account?

I don't think they can raid a personal account; which is why it is a GOOD idea to keep your account lean.

[The Spartan]

The only money I leave in the company's account is corp tax, I try to take out as much as possible and put it elsewhere.

[alphadog]

Taxman gets new US-style powers to raid tens of thousands of personal bank accounts to recover debts

So, presumably, when HMRC decide that you are IR35 caught, they take the money before it even gets to court.

Any ideas in the case of an IR35 investigation whether they could raid a ltd company warchest for "unpaid taxes", or would they just raid an individuals account?

[alphadog]

I had the german finanzamt raid my german bank account last year for "taxes in advance" that I refused to pay because I knew that in that particular year I wasn't going to owe any taxes at all. So, they took the money, then after I submitted my tax return to say that no taxes are owed, they refunded the lot

[BrilloPad]

Perhaps I just don't like this country any more.

+1

I have told my kids to prepare to emigrate.