Tax Evasion of 300k

Re: Tax Evasion of 300k

Postby norrimac on Fri Dec 04, 2009 2:50 pm

This is interesting!

I'm new to this forum. I just logged on for the first time and this topic is VERY close to my question:

I'm a British citizen, resident in Spain, where I pay my taxes on all my income.

I am about to launch a website that supplies marketing services to (specifically) UK High Street Opticians. The subscription is 99 uk pounds a month.

My tax affairs are in order here in Spain, but I got a question from a subscriber (in the UK) and I'm unsure of the answer:

Can a UK, self-employed Optician & Taxpayer claim this money as a business expense?

The product is a marketing system (both a physical and virtual product) that the client uses to increase business and train staff in productive marketing and advertising techniques.

Any advice would be extremely welcome!

Many thanks,

Norman. (Mallorca, Spain.)
norrimac
 
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Re: Tax Evasion of 300k

Postby pdonnar on Fri Dec 04, 2009 5:57 pm

I too know personally of several people who deal in large amounts of cash and don't declare it, one even claiming benefits at the same time. Phone calls to the hotline appear to have no effect. Meanwhile, the authorities are keen to pursue people who *do* declare their earnings but make errors in their returns - the easiest option I suppose.
pdonnar
 
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Re: Tax Evasion of 300k

Postby TaxSaver on Tue Feb 09, 2010 1:53 pm

Tax Saving Tips :

1. The last date for filing a tax return for 2009-10 would be 31st July 2010. You can still file a belated return by 31st March 2011. However after that, there would be a penalty of Rs. 5,000.
2. To get a deduction, the trust or association to which you donate should be certified under section 80G and you must receive the receipt and an 80G certificate.
3. Even if you have a PAN Card, it is not compulsory for you to file a tax return if your income is below taxable limits.
4. You can file your tax return even if you have not done that for the last 4 years by just declaring that the reason behind that was lack of taxable income.
5. The maximum amount which can be claimed for insurance premium under 80C is 20% of the actual capital sum assured provided under section 80C.
6. You can claim an 80C deduction for the amount paid for the insurance of your children.
7. Tuition fees for maximum two children can be claimed under 80C up to Rs.100, 000.
8. Insurance premium paid on life of spouse can be claimed under 80C.
9. Only the interest received from Post office saving a/c will be taxable in the current year
provided the same has not already been taxed in previous years on an accrual basis.
10. The Tax implications are not affected by Residential Status. Also whether NRI is from US or any other country is of no consequence.
for more information visit :http://www.taxsavers.in/
Agrima Singh, New Delhi, India
http://taxsavers.in/principal-tax-saver/
TaxSaver
 
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Re: Tax Evasion of 300k

Postby weegirl on Tue Mar 02, 2010 5:47 pm

pdonnar wrote:Meanwhile, the authorities are keen to pursue people who *do* declare their earnings but make errors in their returns - the easiest option I suppose.


I agree with you here. I am not even going to start on this one, I could go on a serious rant, but believe me, the bigger the company, the more money they have, the better the solicitors/accountants they can hire to fight the HMRC.

Don't let this take up your life, it ain't worth it.
weegirl
 
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