I have earnt quite a lot of cash on the web designing on the side and owe a couple years of tax.
What would happen if I declared it to the tax office / got an accountant ?
I didnt do my taxes do to illness and other factors.
I have earnt quite a lot of cash on the web designing on the side and owe a couple years of tax.
What would happen if I declared it to the tax office / got an accountant ?
I didnt do my taxes do to illness and other factors.
What date did you start your business?
x-no-archive: yes
you have earnt , but havent got an accountant already??
X-No-Archive: yes In message ,
127.0.0.1@127.0.0.1 writes
Presumably customers for your website designs weren't too fussed about spelling and grammar?
Nah, he did the website for your publisher.
(a) Is there any reason why you shouldn't pay taxes like the rest of us? I can't see the Revenue accepting ill-health as a reason for not declaring tax. I'm not feeling very well today.
(b) You will presumably have to pay the fines for late filing of your self-assessment(s) and interest on the tax you should have paid.
Rob Graham
If you tell the HMRC they would want you to pay what you owed plus penalties and interest. I don't suppose it is anything you can't handle unless you are in financial difficulties already.
Don't the new rules break accountant-client confidentiality? Hasn't the accountant got to tell IR if his client has evaded tax? Or is that for just money laundering?
evading tax IS money laundering.
tim
Also I should have thought that this would be cheaper if you wait for them to catch you up!
No, just the opposite. The penalties will be much greater if they find you out.
OOPs - thats what I meant - missed a "than" out. Better to go to them and sort it out sooner.
It's a type of money laundering - yes. I tend to associate money laundering with crime and passing the money through a legitimate business.
X-No-Archive: yes In message , Fred writes
Like Ebay and Pay Pal?
Please explain how tax evasion is a form of money laundering.
Money laundering is the art of making dodgy money look respectable. Tax evasion is a means of creating dodgy money, which still needs to be made to look legitimate before it can be reliably spent. So it's possible that TE can be *associated with* ML (by needing it) but it
*is not* it.
In the sense of the original question it is a reportable item pursuant to the ML regulations.
It matters not in this case, that it meets, or not the dictionary definition of ML.
HTH
tim
Technically "Proceeds of Crime", and an accountant is required to file a "suspicious activity report" - but must not "tip off" his client that he has done so.
Solicitors are covered by the same laws - but apparently now need their client's consent to file a suspicious activity report on them in some cases.
Since these reports are that you may or may not have been involved in a crime that may or may not have even occured - can you get a copy of you list of suspicious actions from NCIS under the DPA or FIA?
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