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Reply to: how do builders fiddle via Ltd Co ?
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Previously on "how do builders fiddle via Ltd Co ?"
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So did you pay his wife? Surely by doing this you are helping him avoid his taxes.
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Originally posted by vwdan View PostIf it makes you all feel any better I knew a self employed sparky who offered a "cash discount" to a lady who turned out to be a VAT inspector. I don't think she pushed as hard as she could have, but I got the impression he learnt his lesson.
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If it makes you all feel any better I knew a self employed sparky who offered a "cash discount" to a lady who turned out to be a VAT inspector. I don't think she pushed as hard as she could have, but I got the impression he learnt his lesson.
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Originally posted by DaveB View PostIf he;s got any sense he's only fiddling the CT and not the VAT. CT sits in the IR side and they are crap at managing investigations. VAT sits ion the VAT side and they are tulip hot at it. If they get a whiff he's fiddling that they will go after him.
If the job gets bodged or he gives you hassle shop him to the VAT man.
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If he;s got any sense he's only fiddling the CT and not the VAT. CT sits in the IR side and they are crap at managing investigations. VAT sits ion the VAT side and they are tulip hot at it. If they get a whiff he's fiddling that they will go after him.
If the job gets bodged or he gives you hassle shop him to the VAT man.
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Originally posted by diesel View Postyeah I guessed that...wish I coud withdraw all as cash and do the same with agencies! get them to pay in my kid accounts!
how does the builder cover payments to a wife's account, surely hmrc could question such payments if investigated?
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Possibly also keeping each under the VAT threshold so he's 20% cheaper than rivals, or charging same & making more profit.
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As with all these shenanigans eventually it becomes pretty bloody obvious that a bloke with a small income and lots of cars and expensive stuff is taking the piss. 20% is not a hard price to pay for being legit and safe from harm while paying the country some dosh.
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If enough of them do it, there are not enough hectors to catch'em, their risk profile for an investigation must be pretty high though
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Originally posted by Jeebo72 View PostAnother reason so many builders have many LTD companies is that when something goes wrong, and you need to take them to court, the copmany you take to court will have zero money in it...
how does the builder cover payments to a wife's account, surely hmrc could question such payments if investigated?
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Originally posted by diesel View PostCurrently have a interior contracting renovating our bathrooms out.
Chap has his own Ltd company, which he is relocating one and when giving us a written quote was listed for another company.
quick search under his name lists him as director for more than 10+ companies. Most of these companies seem to have little assets and big liabilities.
Anyway got the chap to do work as he knows his stuff....I note he pays his 1 worker cash, buys his stuff using cash.
first cheque was to his Ltd Co, now asks if 2nd payment can be to his wife!
how do these builders/plumbers fiddle their accounts to get away with such out of interest?
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Originally posted by diesel View Postmaybe a mess but I bet on average its more money being fiddled than I make as a genuine Ltd company contractor...surprised tax man does not get past it
its not difficult to see all the lovely moolah they can take off you.
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