 My new job says I have to take out my own taxes, is this legal? |
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DL | Advice Please - Tax Evasion? |
Hi
Not sure if thsi is the correct forum to post but here goes:
I'm currently under investigation from HMRC. They have requested bank statements from a 2 year period (I gave it to them) and now there asking for 6 years of Paypal history.
I used to work as a web designer but set up my own company a year ago and am doing well with sales and yes I'm paying my tax but a few years ago I sold a hell of alot of stuff on ebay. I was short on cash and sold nearly everything I had from memrobilia to clothes. I also sold copies of software and took approx £100k over 3 years.I packed this in when I ran out of stuff to sell and self taught myself alot about building websites and landed a full time job in 2006.I'm really worried because I never declared any of my earnings, I guess I was invisable as I never claimed benefits or anything like that. I always thought my income from selling was not a "business" and therefore excempt from tax but now with all these letters and demands for information !!
Additional Details
Why should selling your own belongings that you've bought from already tax deducted money (bought when employed) yet again be taxed! |
 |
 
steffi
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Get yourself a good accountant, quick! As you have not declared your software sales, you are going to have to prove that some of the stuff you sold was personal. Unless you have kept meticulous records, that is going to be the problem. |
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Onestep downfrom God
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GET AN ACCOUNTANT.
You cannot handle a HMRC investigation yourself without the risk of it costing you a large sum of money.
Use an expert.
(And take thgis advice from an expert: Ignore all those answers from people who say "I'm no expert", or " I think".
This matter will not go away.) |
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Sebastian Fukknuckle-Smythe
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The sale of your personal possesions, ie. memorobilia and clothes, is not taxable. The sale of copies of software most certainly is.
Basically, the HMRC have paper trail that leads, via eBay and PayPal, directly to your door.
Now, I'd have to assume, as would HMRC, that the greater part of that £100k came from sales of the software, not the odds and sods. So.... you're in it, and you;re in it deep, I'm afraid.
Best option, speak to a good tax advisor, then probably a solicitor as to your best route out. You'll certainly have to pay the tax owed, the Revenue are relentless and become even more tenacious of they feel they're being duped. The things you may avoid are a penalty for tax evasion, if you take advice as suggested, and a copyright infringement prosecution if you get the revenue off your back by paying up and the software sales are not brought to far out into the light. |
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mm1234543212000
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You need a good accountant. An accountant who is experienced in these sort of matters will be able to negotiate with the revenue for you.
It is suggested above that they may never find out about paypal but presumably they have an idea from your statements. They can and will issue assessments on you in the absence of you providing information.
You should also consider the fact that any penalty levied to you can be mitigated by co-operation with them.
Therefore as advised above and by others get a good accountant who can either act for you or refer you to someone who is experienced with dealing with Tax investigations.
Good luck, hope you get it sorted. |
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Max
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I'd hire a good tax attorney quick. |
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penelope pitstop
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Seriously £100k worth of ebay sales and you never thought of it as a business?!?! You're must be very stupid or very naive.....
I think you'll need legal advice. Contact the Citizen's Advice Bureau. |
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wrkey
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Ok... I'm not in the UK but I have some advice that should cover it.
Get an attorney that specializes in Tax Law. Just handing over stuff to ANY government with fully understanding the ramifications is a scary proposition at best. The money you spend on the Attorney will more the make up for the potential liability.
In the US, we have a saying... Don't screw around with Uncle Sam. (Uncle Sam = U.S.) This saying came about as people learned the power of the Internal Revenue Service (IRS) which is the taxing authority here. Get an attorney!
Good luck and I hope this helps! |
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QuattroS4
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i like wilfred b's advice
get a tax attorney. if what you sold you made a PROFIT on, you will need to pay tax on that profit. If you sold it for market value, or what you paid, minus depreciation, then you'll be fine. But get an attorney. |
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Carmen
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Here in the U.S. that would be considered tax evasion.
The best thing you can do is cooperate fully with the HMRC, because they have already suspected that you have not paid taxes. |
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confucious says
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I doubt very much that pay pal will provide the information to the HMRC and my advice to you is do not assist them to find the last six years pay pal history.
you are not obliged to assist in this matter tell them if they want your pay pal history to approach pal pay independently
and see what the outcome is. my guess is that it will be a fruitless search on the HMRC part .
do not give them your user name or password under any circumstances, if they do get the information you will be in big trouble remember ignorance is no defence.
You should also refuse to talk to them full stop.
If at some point they want to interview under caution. make every reply "no comment".
Also get a solictor to act for you in all and any requests for information from the HMRC |
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Seymour Nuts
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... is illegal. find a lawyer for ur problems or ask your parents. i'm just a high school student. |
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StopPanda
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I can only state from a USA point of view...but I think it is was personal items,,, not for business ..you don't have to declare it ...unless your made some wicked profit over what you bought it for ...like if I sold Superman 1 comic for $20,000 then maybe! |
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Stuart F
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Yeah I'm afraid it's something called 'capital gains' tax. It means if you make money from the sales of anything, technically it should be taxed if it is over a certain threshold of profit margin. |
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