Comments on: Freelance Comment: A Taxing Problem

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people don’t want to pay any more tax than they need to., it is the reason

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By: moon815

moon815 — Sat, 29 May 2010 09:01:37 +0000

Great article, a lot of useful information. Having a strong Debt Consolidation plan is always an important element of dealing with taxes and finance in general that some businesses don't realize the importance of.

By: Al Watts

Al Watts — Wed, 28 Oct 2009 16:30:44 +0000

The problem is that these schemes exist because people don't want to pay any more tax than they need to. If somone says "Do this and you get to keep more of your income", there will always be people willing to join in. Usually they are probably the least informed people out there and so the least suitable to evaluate the risk My objective was to highlight just how short-sighted that can be and how severe and expensive the results can be.

These schemes work almost exclusively by transferring your income offshore and then applying local (and quite possibly irrelrevant) taxation rules and paying you something back. You get income in this country but you sort of pretend you have already paid taxes on it at the correct level; just not to HMRC...

Any government is not going to look kindly on any of its citizens who try to avoid paying tax in this country if they live here and earn their money here. The turnover of all the various schemes, and the continual appearance of new, ever more imaginayive ones, will continue. They will not stop until HMG persuades us that we should pay taxes in this country, and that such taxes are proportionate and fairly calculated. But as long as prominent figures can declare £1bn dividends on profits that are not yet realised and payable to their Monaco-resident spouse, and still enjoy the benefits in this country without paying any tax at all, then HMG are going to have a problem doing so.

By: Ivan

Ivan — Wed, 28 Oct 2009 15:35:23 +0000

Yes they probably will, but is that a constructive or destructive thing to happen?

Arguably the quicker this cycle runs, of tax schemes being developed, becoming widely available then closed down, the greater the pressure for deep, structural changes to taxation, economics etc. HMRC and the evaders / efficiency seekers are driving economic evolution, which, like medicine, dentistry or renewable energy, I would like to see develop as quickly as possible.

By: FreelanceAdvisor

FreelanceAdvisor — Wed, 28 Oct 2009 13:27:03 +0000

Hmmmm... My worry with that argument is that HMRC will crack down and the smartest and the richest will find some other new method of tax ~~evasion~~ efficiency.

Brandson will probably move all his cash into space! :)

By: Ivan

Ivan — Tue, 27 Oct 2009 15:02:10 +0000

This is the first I'd heard of these schemes and they do sound unreliable. I think your analysis is sound, handing anyone else your salary is surely walking on thin ice.

Are you really troubled by moral concerns here though? Schemes like this, if they worked, would make the exploits that Lord Sainsbury, Richard Branson, the Barclay brothers etc. are using to massively cut their tax bills availiable to more people. Grubby perhaps but I'd prefer these to techniques to be universally available, if only so HMRC dealt with them more seriously.

By: Freelance Advisor

Freelance Advisor — Mon, 26 Oct 2009 20:44:36 +0000

Anyone use an EBT? I'd not heard about these dodgy off-shore tax schemes before… thanks to Malvolio for some interesting thoughts on this.