Did some part-time work and didn't declare.....
Discussion
Good replies guys, thanks.
John- you are right about swigs and roundabouts- for me up to about 8 years ago i used an accountant who basically paid as much money as possible to the revenue- he woulnd't even do things that were legal but would need eplaining to the revenue. I decided to change one year when a friend of mine (a not particuliarly efficient tax advisor) reckoned i could have saved £5grand.
The next year i paid £12,500 less to the revenue, on an increased turnover of 5%- all through good planning.
Srebe- i really see the benefits of doing what you are doing- but i'm not sure i can afford both at the moment- my accountant costs enough and really knows his beans. I have in the past used a tax consultancy who charged me £12,000 for 4 days work but saved me £24,000. I think with what i have at the moment they could only save me around a further £5-£8k so the benefits are marginal.
John- you are right about swigs and roundabouts- for me up to about 8 years ago i used an accountant who basically paid as much money as possible to the revenue- he woulnd't even do things that were legal but would need eplaining to the revenue. I decided to change one year when a friend of mine (a not particuliarly efficient tax advisor) reckoned i could have saved £5grand.
The next year i paid £12,500 less to the revenue, on an increased turnover of 5%- all through good planning.
Srebe- i really see the benefits of doing what you are doing- but i'm not sure i can afford both at the moment- my accountant costs enough and really knows his beans. I have in the past used a tax consultancy who charged me £12,000 for 4 days work but saved me £24,000. I think with what i have at the moment they could only save me around a further £5-£8k so the benefits are marginal.
srebbe64 said:
pugwash4x4 said:
John- you are right about swigs and roundabouts
Don't drink and drive Pugwash.
Nope you're missing the point- you get pissed up and you then lose your licence.
Not only does this give you more time to spend on paperwork (reducing the tax burden) but you also save all the costs associated with running a car- it's a bargain all round!
srebbe64 said:
I've been selectes for a PAYE audit next month.
I had one of those a couple of years ago, basically a IR35 fishing trip..
after 9 months!!!! they eventually came back saying everthing was fine, and gave me a better PIID exemption than i had before !!!!( where as before i needed everything counter signed by a director that didnt recieve expenes, now they will just accept a receipt). They spent months arguing over the 30 pcm i was paying myself for use of the office at home, and got a bit anal about the valuation on the company car that i sold myself (TVR
) but it the end it didnt cost me a penny Almost as funny about the VAT inspection. I got a letter informing me we would be having one and could I phone to discuss. phoned her, spent 45 mins on the phone and the call ended abruptly when she said, well that all sounds fine and if you can send me the last 2 years accounts returns and they match what you ahev just said we'll leave it at that... I think she sussed that with no cash business and 75% local govt customers the opportunities for vat fiddling were limited...
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