When will used car prices drop?
Discussion
mike74 said:
v8ksn said:
Regardless of the ins and outs and legalities of turnover declaration etc. I cant see the government letting people get away with splashing £50k of BBL on a car or property and then declaring bankruptcy.
It will be a simple matter of looking at what it was spent on, realising it was not in the best interest of the business or employees and then personally prosecuting the Director for fraud.
HMRC WILL find a way, you can guarantee it!
I don't think they will vigorously pursue and prosecute any fraudulent claims or frivolous spending of any of the various grants or loans.It will be a simple matter of looking at what it was spent on, realising it was not in the best interest of the business or employees and then personally prosecuting the Director for fraud.
HMRC WILL find a way, you can guarantee it!
I think the govt are quite happy to just view all this free money that Sunak is spunking around as a method of injecting helicopter money into what was already a zombie economy even before covid came along.
HMRC hardly have a reputation for being a light touch when it comes to potential tax evasion, quite the opposite!
Andyoz said:
v8ksn said:
I disagree J, I think in the coming months when the government look in their coffers and see they are bare, they will be pulling out all stops to reclaim what they can.
I agree that small amounts (less than £20k?) will probably be at the lower end of the list to investigate but I am sure HMRC will get to them eventually.
I suspect HMRC may revert to a broad brush approach along the lines of ..."Look, we know if we dig enough we'll find you owe us £20k so give us £10k to go away now..."I agree that small amounts (less than £20k?) will probably be at the lower end of the list to investigate but I am sure HMRC will get to them eventually.
My accountant was onto them about something not working on their website and the girl had to put him on hold. When asked why, she said...she had to put the dog out! She was at home on her couch with the fecken dog!
For a small business, I've never heard of them going for anything less than the full amount owed, plus interest, plus penalties.
Might take them decades, but they don't give up lightly and I understand they have more powers than the police in some cases.
Yes, that's my point and why some lads are viewing it as a more of a grant
I'd say some lads are just going to play the odds. I think it's terribly immoral but just stating what I'm seeing/hearing...
HMRC were understaffed coming into this. Anyone who runs a business will have seen how staff cuts has affected services. I was initially impressef when I saw how quickly they were getting the furlough, BBL etc money out there then realised it's not hard to admin when there's bugger all checks being done.
I'd say some lads are just going to play the odds. I think it's terribly immoral but just stating what I'm seeing/hearing...
HMRC were understaffed coming into this. Anyone who runs a business will have seen how staff cuts has affected services. I was initially impressef when I saw how quickly they were getting the furlough, BBL etc money out there then realised it's not hard to admin when there's bugger all checks being done.
HMRC will be all over anyone committing BBL FRAUD.
They will probably be recruiting massive teams of people post furlough from innocent folks that that have had the misfortune of being made redundant and part of the country's 6 million unemployed.
Anyone who thinks they won't be pursued with vigour will be sorely mistaken and rightly so to. There powers will be far reaching and I expect to see a string of jail sentences for offenders as well as repossessing of personal assets.
This is not a victimnless crime and simple playing the system its FRAUD FFS so I hope they lock them up and throw away the keys
They will probably be recruiting massive teams of people post furlough from innocent folks that that have had the misfortune of being made redundant and part of the country's 6 million unemployed.
Anyone who thinks they won't be pursued with vigour will be sorely mistaken and rightly so to. There powers will be far reaching and I expect to see a string of jail sentences for offenders as well as repossessing of personal assets.
This is not a victimnless crime and simple playing the system its FRAUD FFS so I hope they lock them up and throw away the keys
There's certainly two ways of looking at it.
Part of me thinks they're well aware some of the money isn't being used appropriately?
Perhaps it's bigger focus is to get people spending and money back in the system? That's certainly saving jobs short term.
Another type of printing cash/quantitive easing.
That's not to say after we're over the bump there won't be some investigations.
Part of me thinks they're well aware some of the money isn't being used appropriately?
Perhaps it's bigger focus is to get people spending and money back in the system? That's certainly saving jobs short term.
Another type of printing cash/quantitive easing.
That's not to say after we're over the bump there won't be some investigations.
ags11 said:
There's certainly two ways of looking at it.
Part of me thinks they're well aware some of the money isn't being used appropriately?
Perhaps it's bigger focus is to get people spending and money back in the system? That's certainly saving jobs short term.
Another type of printing cash/quantitive easing.
That's not to say after we're over the bump there won't be some investigations.
Yes, the optics of the Chancellor announcing the BBL does goes down well with the electorate (until they learn how much is squandered but just kick that can down the road).Part of me thinks they're well aware some of the money isn't being used appropriately?
Perhaps it's bigger focus is to get people spending and money back in the system? That's certainly saving jobs short term.
Another type of printing cash/quantitive easing.
That's not to say after we're over the bump there won't be some investigations.
Also bear in mind we have a leader here and in the US that don't exactly present the most moral examples of humanity.
That does trickle down to the population, Directors, etc. behaviour.
anonymous said:
[redacted]
Guess I'm wrong again then, because I was pretty sure rule 3 explicitly prohibits offensive posts and I've lost count of how many insults you've thrown my way tonight.Glad I could benefit from your overwhelming expertise to correct my misunderstanding though.
anonymous said:
[redacted]
I agree wth this being the most likely scenario..They won't lose on sleep on where the money was spent as its basically printed helicopter money invented to boost the economy..It'll get treated like any other loan ie acceptance that a proportion will never get repaid..As long its been spent they'll be happy enough as it'll start filtering through the wider economy..HMRC have the ultimate power, however limited to pursuing deliberate tax evasion which is illegal...If this money is spent on business expenditure and reduces its tax liability then it'll be fine as its a perfectly commonplace and legal activity..
If the HMRC start investigations to find out where the money was spent then they'll run up huge legal bills as its basically impossible to trace where its gone..This £50k BBL will be transferred by recipients into business accounts and from there on will be impossible to prove where it went..
Taffy66 said:
I agree wth this being the most likely scenario..They won't lose on sleep on where the money was spent as its basically printed helicopter money invented to boost the economy..It'll get treated like any other loan ie acceptance that a proportion will never get repaid..As long its been spent they'll be happy enough as it'll start filtering through the wider economy..
HMRC have the ultimate power, however limited to pursuing deliberate tax evasion which is illegal...If this money is spent on business expenditure and reduces its tax liability then it'll be fine as its a perfectly commonplace and legal activity..
If the HMRC start investigations to find out where the money was spent then they'll run up huge legal bills as its basically impossible to trace where its gone..This £50k BBL will be transferred by recipients into business accounts and from there on will be impossible to prove where it went..
It’s not difficult to access bank statements and financial spending. If IR want to check where the money has gone, they can.HMRC have the ultimate power, however limited to pursuing deliberate tax evasion which is illegal...If this money is spent on business expenditure and reduces its tax liability then it'll be fine as its a perfectly commonplace and legal activity..
If the HMRC start investigations to find out where the money was spent then they'll run up huge legal bills as its basically impossible to trace where its gone..This £50k BBL will be transferred by recipients into business accounts and from there on will be impossible to prove where it went..
Gorra 'ave it....and 'ave it naaawww.
They will be all over this over the next 10 years. Rightly so.
All those Ray Winstone type Directors, using BBL loans to buy or rent new metal now, with staff made redundant or on furlough, will need to be checking their gauche, gold plated, mock Tudor letterboxes for a letter from HMRC in due course.
They will be all over this over the next 10 years. Rightly so.
All those Ray Winstone type Directors, using BBL loans to buy or rent new metal now, with staff made redundant or on furlough, will need to be checking their gauche, gold plated, mock Tudor letterboxes for a letter from HMRC in due course.
Robbo66 said:
Gorra 'ave it....and 'ave it naaawww.
They will be all over this over the next 10 years. Rightly so.
All those Ray Winstone type Directors, using BBL loans to buy or rent new metal now, with staff made redundant or on furlough, will need to be checking their gauche, gold plated, mock Tudor letterboxes for a letter from HMRC in due course.
They will be all over this over the next 10 years. Rightly so.
All those Ray Winstone type Directors, using BBL loans to buy or rent new metal now, with staff made redundant or on furlough, will need to be checking their gauche, gold plated, mock Tudor letterboxes for a letter from HMRC in due course.
Brilliant 
Robbo66 said:
Gorra 'ave it....and 'ave it naaawww.
They will be all over this over the next 10 years. Rightly so.
All those Ray Winstone type Directors, using BBL loans to buy or rent new metal now, with staff made redundant or on furlough, will need to be checking their gauche, gold plated, mock Tudor letterboxes for a letter from HMRC in due course.
Very funnyThey will be all over this over the next 10 years. Rightly so.
All those Ray Winstone type Directors, using BBL loans to buy or rent new metal now, with staff made redundant or on furlough, will need to be checking their gauche, gold plated, mock Tudor letterboxes for a letter from HMRC in due course.
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