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Tax avoidance

Forums New posts
Yorkshire Blue said:
There are plenty of ways of providing for your future. A pension is just one option. The reason to chose to invest in a pension rather than investing in property and living off the rent, or shares and bonds and living off the dividends and coupons (which is what largely makes up your pension) is that a pension is tax efficient.
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Incorrect.

The reason I chose a pension as the fact I can't get my hands on the money to invest in a football club --- or anything else for that matter.

If you had ever worked in financial services you would realise everyone's situation is different and you cannot possibly generalise.
 
Correct. depending on the scheme rules.

In the scheme I was in, I could take £17,000 tax free for the loss of £1,000 a year taxable.
The reduced pension is capped at 2.5% p.a. increase.
 
RobM said:
Correct. depending on the scheme rules.

In the scheme I was in, I could take £17,000 tax free for the loss of £1,000 a year taxable.
The reduced pension is capped at 2.5% p.a. increase.
Click to expand...

Please be aware these figures can go down as well as drop.
 
Accumulated pension rights are set in stone. I know.

Yes - pension increases can drop, been there.

Interest rates are a different matter.

I played the scheme and cashed it.
 
mcnasty said:
Incorrect.

The reason I chose a pension as the fact I can't get my hands on the money to invest in a football club --- or anything else for that matter.

If you had ever worked in financial services you would realise everyone's situation is different and you cannot possibly generalise.
Click to expand...

I do work in financial services. A pension is a tax-efficient wrapper. It's entirely possible to achieve the same outcome outside of the wrapper of a pension but it is inefficient to do so (because you're losing out on tax-breaks), so no-one really promotes it.

A basic-rate tax-payer's (ie someone who earns over £9k or whatever the exact personal allowance figure is now) pension fund will claim the 20% tax back on their pension contribution and the amount they contribute is grossed up.

ie for every £80 you pay into your pension, £100 is credited.
 
Yorkshire Blue said:
Because you are avoiding tax!

The main reason to invest in a pension is that it's tax efficient.
Click to expand...

You are getting tax relief not avoiding tax. Better than the government encourage us to save for our future than rely in the state. HMRC state themselves that it is not avoidance if you plan your affairs within the rules to pay the least tax possible.

In theory the only main tax you cannot avoid is income tax.
 
I avoid tax like the plague! I am an IT contractor and have ensured my contract leaves me outside of IR35. This means that I can (and have) set up my own limited company. I pay myself in tax free dividends (although I also pay myself a salary on which I pay some income tax.) I think last year my marginal rate of tax (taking corporation tax into account also) was about 25%.

However, I'm not a criminal, and should the rules change so that IR35 nolonger applies I will pay the tax that is due because I won't evade tax.
 
You hypocritical ******.

Tangled up in Blue said:
Is it time to put tax avoidance in the same category as tax evasion?
Personally I think so.

"Accountants are often hired as auditors by the same companies they are providing tax advice to."

At least it would be a start for the Goverment (if they as are serious as they claim to be about cracking down on tax avoidance)not to employ people from the big four accountancy firms to advise them on tax policy.

After all, poachers really shoudn't be employed as gamekeepers too.That's just comon sense,isn't it?

Over to you.

http://www.guardian.co.uk/commentisfree/2013/feb/01/accountancy-big-four-laugh-tax-office
Click to expand...
 
Avoidance is legal, but the lines are very grey. I don't allow my business to get involved in anything shady at all - I want to sleep at night, without the taxman knocking, and frankly the PI costs are far far too high to get involved in that game.

Evasion is illegal. Putting cash undeclared in your pocket is illegal.


I've noticed you've attempted to pass the buck to me, GHG and Berrichone Shrimper to avoid the question. Have you paid your taxes that you are legally required to? <<<NOW ANSWERED
 
Genial Harry Grout said:
Anyone else see the irony of a tax cheat starting a thread on tax avoidance, which he now seems quite proud of. Tax cheating hypocrite.
Click to expand...

I think you can probably thank YB for resurrecting this thread.

You've had your fun.

Let's not forget you were clearly guilty of hypocrisy with your support of the violent physical assault on George Galloway.
 
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