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New Trust statement on club finances

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« Reply #200 on: July 05, 2021, 20:47:32 pm »

And if our owners were or had avoided tax you would not have an issue with it?
As they are foreign residents neither KT are liable for tax in the UK. Personally I couldn’t give a sh1t if the IRS or the UAE equivalent get their money or not.
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« Reply #201 on: July 05, 2021, 21:18:55 pm »

For the sake of clarity tax avoidance is the art of creative accounting where loop holes are found in the tax laws to avoid paying tax. Tax evasion is breaking existing tax laws to avoid paying tax. The name of the game being, the HMRC close the loop hole and clever clogs accountants find another one, at least it was. New tax laws in effect slammed the door shut on all this because it allowed th HMRC to close the loop hole and then apply the rules retrospectively allowing them to tax the persons or companies who used the loophole. Tax avoidance is over for UK residents and has been in OZ since long before I got here. I’ll give you an example of one though. Your company places a bet on your behalf on the stock market to go up in value at virtually even money. It then places a bet on the stock market to go down in value at even money over the same period. You end up with exactly the same money so what’s the point? Well to combat offshore gambling the government made gambling proceeds tax free, so the winnings from the stock market bet are not subject to tax, ta-da. It’s slightly more complicated than that, but that was just one example. Completely legal and above board and was untouchable as far as the HMRC were concerned, although totally morally corrupt. You’ll be delighted to know that following the legislation everyone who did it had to pay the tax back. Just so everyone is aware, most of the main tax authorities such as those in Australia and the UK have an open book policy, so had I have done this I would have been caught over here and been slaughtered. Therefore this idea that you can shift money around the globe and get away with it is completel b0ll0cks, trust me I know. The only organisation’s who had the muscle to pull that off were the likes of Amazon and Microsoft and the door has been virtually closed on them as well now. That was boring wasn’t it.
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« Reply #202 on: July 05, 2021, 21:53:19 pm »

For the sake of clarity tax avoidance is the art of creative accounting where loop holes are found in the tax laws to avoid paying tax. Tax evasion is breaking existing tax laws to avoid paying tax. The name of the game being, the HMRC close the loop hole and clever clogs accountants find another one, at least it was. New tax laws in effect slammed the door shut on all this because it allowed th HMRC to close the loop hole and then apply the rules retrospectively allowing them to tax the persons or companies who used the loophole. Tax avoidance is over for UK residents and has been in OZ since long before I got here. I’ll give you an example of one though. Your company places a bet on your behalf on the stock market to go up in value at virtually even money. It then places a bet on the stock market to go down in value at even money over the same period. You end up with exactly the same money so what’s the point? Well to combat offshore gambling the government made gambling proceeds tax free, so the winnings from the stock market bet are not subject to tax, ta-da. It’s slightly more complicated than that, but that was just one example. Completely legal and above board and was untouchable as far as the HMRC were concerned, although totally morally corrupt. You’ll be delighted to know that following the legislation everyone who did it had to pay the tax back. Just so everyone is aware, most of the main tax authorities such as those in Australia and the UK have an open book policy, so had I have done this I would have been caught over here and been slaughtered. Therefore this idea that you can shift money around the globe and get away with it is completel b0ll0cks, trust me I know. The only organisation’s who had the muscle to pull that off were the likes of Amazon and Microsoft and the door has been virtually closed on them as well now. That was boring wasn’t it.
There are many many ways to avoid paying tax, personally I pay mine because I believe that high net worth individuals should help fund the social system, there isn’t enough investment in social care, mental health the list goes on.
If your comfortable in shell companies in BVI then good for you but one day life has a way of levelling things up from the takers.

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« Reply #203 on: July 05, 2021, 21:54:02 pm »

No he told me to put 50% of the cash work I did through the books, I wasn't doing only cash work.
Your making a little bit of this up aren’t you  Grin
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« Reply #204 on: July 05, 2021, 21:54:46 pm »

We have been through this before with you. It's called tax avoidance. Which is perfectly legal if not morally correct.
Is it the royal we or are you speaking on behalf of the club?
BTW tax avoidance is only legal until you get caught, Wayne Rooney and Lineker, how ingenious.
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« Reply #205 on: July 05, 2021, 22:03:17 pm »

There are many many ways to avoid paying tax, personally I pay mine because I believe that high net worth individuals should help fund the social system, there isn’t enough investment in social care, mental health the list goes on.
If your comfortable in shell companies in BVI then good for you but one day life has a way of levelling things up from the takers.


For the sake of balance Manny there are business owners I know of who have been brought to their knees by the HMRC and government behaving in morally corrupt ways. And I’m talking about throughly decent people who have always conducted themselves impeccably, not these c***s who take the p1ss, it’s far from a one way street. On a separate note despite operating in 2 countries and having 2 sets of accountants between us we haven’t the first clue about how to avoid paying tax.
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« Reply #206 on: July 05, 2021, 22:12:41 pm »

For the sake of balance Manny there are business owners I know of who have been brought to their knees by the HMRC and government behaving in morally corrupt ways. And I’m talking about throughly decent people who have always conducted themselves impeccably, not these c***s who take the p1ss, it’s far from a one way street. On a separate note despite operating in 2 countries and having 2 sets of accountants between us we haven’t the first clue about how to avoid paying tax.
That’s because you are asking accountants.
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« Reply #207 on: July 05, 2021, 22:34:59 pm »

For the sake of balance Manny there are business owners I know of who have been brought to their knees by the HMRC and government behaving in morally corrupt ways. And I’m talking about thoroughly decent people who have always conducted themselves impeccably, not these c***s who take the p1ss, it’s far from a one way street. On a separate note despite operating in 2 countries and having 2 sets of accountants between us we haven’t the first clue about how to avoid paying tax.

Do you need to use two sets of accountants ? Usually better to use a multi-national firm to keep all your data under the same roof. Make sure you keep a close eye on their fees - get something agreed in advance.
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« Reply #208 on: July 05, 2021, 22:47:13 pm »

Do you need to use two sets of accountants ? Usually better to use a multi-national firm to keep all your data under the same roof. Make sure you keep a close eye on their fees - get something agreed in advance.
Bit complicated but we prefer the personal touch from specialist locals. The larger organisations tend to go through a lot of staff and it makes it difficult to build relationships. Also the standards and response times varied considerably in our experience. Fcuk me we are off on a tangent.
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« Reply #209 on: July 05, 2021, 22:48:16 pm »

That’s because you are asking accountants.
Too scared of the revenue to do anything else mate.
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« Reply #210 on: July 05, 2021, 23:09:46 pm »

I may have been lucky but I found dealing with Tax Inspectors directly rather than through a firm of Chartered Accountants was easier, cheaper, quicker and often got a better result. Just use the Accountants to audit your draft published accounts and draft tax computations and keep a close eye on any adjustments they propose and why.
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« Reply #211 on: July 06, 2021, 06:10:19 am »

There are many many ways to avoid paying tax, personally I pay mine because I believe that high net worth individuals should help fund the social system, there isn’t enough investment in social care, mental health the list goes on.

100% agree and if more high net earners and corporations took that view the world would be a better place.
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« Reply #212 on: July 06, 2021, 08:43:18 am »

Lets not be too sanctimonious. There is still plenty of cash in hand, casual work, tips that go undeclared.
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« Reply #213 on: July 06, 2021, 08:49:35 am »

This thread is getting quite taxing.
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« Reply #214 on: July 06, 2021, 08:53:43 am »

There are many many ways to avoid paying tax, personally I pay mine because I believe that high net worth individuals should help fund the social system, there isn’t enough investment in social care, mental health the list goes on.

Ah the champagne socialist.

If your own regular nods and winks are to be believed, Manny, you're doing very nicely. Perhaps you could get by with a little less and direct some of your vast estate to the very worthy causes you mention above? I'm not saying that I think you should, but simply paying the taxes you owe is nothing to be proud of.

Maybe you could spend some of the many hours you currently devote to winding people up on here doing some volunteering? We're all Mother Theresa until someone needs their arse wiping.
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« Reply #215 on: July 06, 2021, 08:57:39 am »

Lets not be too sanctimonious. There is still plenty of cash in hand, casual work, tips that go undeclared.

I'm ok with that because you are typically talking about grafters earning lower wages - its the greedy f***ers, top earners and obscenely profitable corporations that don't pay their way - like MW I've been fairly fortunate in my life and I personally think its the right thing to do and nothing to with being sanctimonious or a champagne socialist - although I think MW might have spat out his coffee with that description of him  Smiley
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« Reply #216 on: July 06, 2021, 09:10:51 am »

...although I think MW might have spat out his coffee with that description of him  Smiley

I'm sure you're right!
That comment was aimed at the post - I don't know anything about Manny personally (other than he's very rich  Grin)
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« Reply #217 on: July 06, 2021, 09:53:49 am »

If anyone wants to help a middle earning PAYE in the high tax bracket improve their net income by legitimate means I’m all ears  Grin
I think I’ve rinsed it by every means available.
You cash in hand and self employed folks have it easy!
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« Reply #218 on: July 06, 2021, 10:09:01 am »

Someone posted this on Twitter this morning....I don't know how he/she got hold of it but I had seen mention about this letter a few days ago

https://twitter.com/ijg1979/status/1412357252615376898

Updated the link as the person replaced the original tweet as they had previously included a personal address on the letter
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« Reply #219 on: July 06, 2021, 10:23:58 am »

Someone posted this on Twitter this morning....I don't know how he/she got hold of it but I had seen mention about this letter a few days ago.

https://twitter.com/ijg1979/status/1412328140844802049

Wow
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