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[Football] HMRC







B

BensGrandad

New member
Jul 13, 2003
72,015
Haywards Heath
Still on HMRC I read that if a sole trader declares himself bankrupt all debts are wiped out but if HMRC declare a person bankrupt their debt is not written off.
 


Buzzer

Buzzer

Languidly Clinical
Oct 1, 2006
26,121
B-right-on said:
I would think it's 'advisors' that say if you do xyz then you don't pay tax, or as much, and it's perfectly legal. Which was legal until they close the loophole and it becomes illegal. Can't blame them for wanting to pay less tax, but it leaves them open to attack.
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No. It's not that there is a loophole but a very questionable interpretation of what is and isn't a certain type of income.
 


beorhthelm

beorhthelm

A. Virgo, Football Genius
Jul 21, 2003
35,303
rippleman said:
Offshore Employee Benefit Trusts maybe? There is a veritable cornucopia of scams available. Far too many loopholes in our tax system but the government seems reluctant to actually make tax avoidance illegal. I wonder why that might be!
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:facepalm: because you dont see the difference between avoidance (legal) and evasion (illegal)? its like asking why cant they make sharp knifes safe.
 


Pavilionaire

Pavilionaire

Well-known member
Jul 7, 2003
30,569
BensGrandad said:
Still on HMRC I read that if a sole trader declares himself bankrupt all debts are wiped out but if HMRC declare a person bankrupt their debt is not written off.
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A sole trader is a person, one and the same. It's why we have limited liability to make that separation.
 




Hamilton

Hamilton

Well-known member
NSC Patron
Jul 7, 2003
12,454
Brighton
[MENTION=451]BensGrandad[/MENTION] is loving this. A thread that really says absolutely nothing at all.

Look out for his next thread on why footballers buy expensive cars.


Sent from my iPhone using Tapatalk
 


B

BensGrandad

New member
Jul 13, 2003
72,015
Haywards Heath
Pavilionaire said:
A sole trader is a person, one and the same. It's why we have limited liability to make that separation.
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My point is that if a builder declares himself bankrupt due to debts incurred these debts are written off but if HMRC file for bankruptcy because he owes £10k tax every other debt that he declares is written off but the tax debt isnt.
 


B

BensGrandad

New member
Jul 13, 2003
72,015
Haywards Heath
Hamilton said:
[MENTION=451]BensGrandad[/MENTION] is loving this. A thread that really says absolutely nothing at all.

Look out for his next thread on why footballers buy expensive cars.


Sent from my iPhone using Tapatalk
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The simple answer is if you dont like the subject dont read or post on it. I am intrigued as to why a footballer should consider any of his income should not be subject to tax or why some schemes should be acceptable to reduce the tax and some not.
 




Hamilton

Hamilton

Well-known member
NSC Patron
Jul 7, 2003
12,454
Brighton
BensGrandad said:
The simple answer is if you dont like the subject dont read or post on it. I am intrigued as to why a footballer should consider any of his income should not be subject to tax or why some schemes should be acceptable to reduce the tax and some not.
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Really? You're really that intrigued? Is it beyond your wit to work out why?

Or is it that on the back of recent events your saw an excuse to stir the pot?
 




Taybha

Taybha

Whalewhine
Oct 8, 2008
27,179
Uwantsumorwat
People with lots of money have been screwing HRMC for donkeys years , and in the main have got away with it , every now and then you would get the obligatory patsy drawn and quartered in the press to appease the general public , who for some bizarre reason are relentlessly hounded for their in relative terms small amounts yearly tax returns as a matter of course , HRMC do this as they know they are unlikely to face a court battle over £2004.23p , it stinks , it seems that people with lots of money tend to think they are above the law and for many no amount of money is ever enough .
 




vegster

vegster

Sanity Clause
May 5, 2008
27,892
Thunder Bolt said:
There seemed to be a flurry of arrests and investigations into West Ham and Newcastle, but nothing seems to have come of that. I suppose it is still ongoing.
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I think that they ( HMRC ) just want their cash, nothing to be gained if someone coughs up after being caught... but, if you fiddled an extra £10 a week housing benefit...
 


Gazwag

Gazwag

5 millionth post poster
Mar 4, 2004
30,137
Bexhill-on-Sea
BensGrandad said:
To me it seems that you earn your money, claim back what you can to reduce your liability and then pay your tax. why should football or players be any different?
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I would say footballers who exploit loop holes to pay less tax are better than the tens of thousands of plumbers, carpenters, electricians, window cleaners and all other trades people who defraud HMRC of VAT, Tax & NI on jobs where they are being paid in cash.
 






S

Springal

Well-known member
Feb 12, 2005
23,830
GOSBTS
Gazwag said:
I would say footballers who exploit loop holes to pay less tax are better than the tens of thousands of plumbers, carpenters, electricians, window cleaners and all other trades people who defraud HMRC of VAT, Tax & NI on jobs where they are being paid in cash.
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Both as bad as each other
 


vegster

vegster

Sanity Clause
May 5, 2008
27,892
Taybha said:
People with lots of money have been screwing HRMC for donkeys years , and in the main have got away with it , every now and then you would get the obligatory patsy drawn and quartered in the press to appease the general public , who for some bizarre reason are relentlessly hounded for their in relative terms small amounts yearly tax returns as a matter of course , HRMC do this as they know they are unlikely to face a court battle over £2004.23p , it stinks , it seems that people with lots of money tend to think they are above the law and for many no amount of money is ever enough .
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I was self employed for a few years but eventually went back to being employed and going back to PAYE. I filled in a tax return for the 2 months of the new tax year when self employed and in the comments etc section explained that I was going back to PAYE. I rang my tax office and told them what had happened and they said I didn't need to do anything more. 18 months later, a letter duly arrived asking me to fill in a tax return for asking me to fill in a tax return for the year that I had already filed for.... I ignored it thinking it was an oversight, and got charged £100 for not filing a tax return for the year that I had already filed a tax return for !

Cue more phone calls before receiving a profuse apology and being told my records were being updated and the fine rescinded... 6 months later I was asked to file a tax return ...
 




Sheebo

Sheebo

Well-known member
Jul 13, 2003
29,287
BensGrandad said:
With reference to no particular player or club but there seems to be an ongoing investigation into football in general by HMRC concerning many clubs and players with regard to players image rights What is the problem that is causing this concern.
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You just couldn’t help yourself could you...? Why always you? There’s a clear thread sticky at the top and you go and risk getting people in trouble. And don’t give us the whole ‘I wasn’t mentioning a player’ crap because we all knew where this thread would go. Poor. Attention seeking again.
 






dazzer6666

dazzer6666

Well-known member
NSC Patron
Mar 27, 2013
52,399
Burgess Hill
Gazwag said:
I would say footballers who exploit loop holes to pay less tax are better than the tens of thousands of plumbers, carpenters, electricians, window cleaners and all other trades people who defraud HMRC of VAT, Tax & NI on jobs where they are being paid in cash.
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Outcome is the same (tax not paid) so not really too much of a difference. The dividing line is very thin between 'loopholes' (ie legal avoidance) and evasion (undeclared cash jobs being an example but virtually unprovable)
 


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