stihl260
DW Top Poster +
I'm in the same boat mate and there are ways round it.
I used to be self employed and never payed a penny in tax.
Some years they owed me!,lol
my Dad is a retired accountant, so he just tought me how to play the system to your own advantage.
Keep recepits for everything, spend any profit you make by buying new equipment, new vehicle etc.
You only pay tax on money you make as clear profit. the trick is to re-invest any profit you make.
You are still allowed to pay yourself a wage and reasonable allowances.
You could declare it under self assesment, its easy to do.
These days i work for someone else employed directly and just do cash jobs as you do.
I only put small amounts in the bank, that could be declared as gifts.
The rest i keep in a safe as cash ans simply spend it.
The tax man is more likely to look at you if you brag to someone about your extra income, as there is always someone willing to grass you up!
If your lifestyle looks like it simply cant be explained by your normal income, then thats when you are likely to get investigated.
In other words 2 flash cars, 4 hols a year and a bloody great house on a normal working wage , will get you noticed on the tax radar.
You could always use a bank outside this country, non EU, as they cant investigate your accounts in certain countries.
The money laundering laws are there as trigger points for investigation.
simply spread your money about a bit.
Invest as savings for your kids "tax free!"
The system is there to play to your advantage, you just have to know how to play it, without taking the P*ss.
I used to be self employed and never payed a penny in tax.
Some years they owed me!,lol
my Dad is a retired accountant, so he just tought me how to play the system to your own advantage.
Keep recepits for everything, spend any profit you make by buying new equipment, new vehicle etc.
You only pay tax on money you make as clear profit. the trick is to re-invest any profit you make.
You are still allowed to pay yourself a wage and reasonable allowances.
You could declare it under self assesment, its easy to do.
These days i work for someone else employed directly and just do cash jobs as you do.
I only put small amounts in the bank, that could be declared as gifts.
The rest i keep in a safe as cash ans simply spend it.
The tax man is more likely to look at you if you brag to someone about your extra income, as there is always someone willing to grass you up!
If your lifestyle looks like it simply cant be explained by your normal income, then thats when you are likely to get investigated.
In other words 2 flash cars, 4 hols a year and a bloody great house on a normal working wage , will get you noticed on the tax radar.
You could always use a bank outside this country, non EU, as they cant investigate your accounts in certain countries.
The money laundering laws are there as trigger points for investigation.
simply spread your money about a bit.
Invest as savings for your kids "tax free!"
The system is there to play to your advantage, you just have to know how to play it, without taking the P*ss.