Buzz Posted February 7, 2015 Share Posted February 7, 2015 (edited) I done a wee business deal a few years ago and it looks as if it is going to pay off in the next 12-18 months. I'll be looking at a one off windfall of about £150K. I'm just wondering how best to deal with it from a tax point of view. I want to pay tax but a bit sore at losing over half of it given that it's a one-off sum and I've been paying tax through PAYE anyway. Anyone got any advice onthe best legal way to minimise the tax I have to pay? Edited February 7, 2015 by Buzz Quote Link to comment Share on other sites More sharing options...
Big Col Posted February 7, 2015 Share Posted February 7, 2015 Quote Link to comment Share on other sites More sharing options...
redstevie007 Posted February 7, 2015 Share Posted February 7, 2015 I done a wee business deal a few years ago and it looks as if it is going to pay off in the next 12-18 months. I'll be looking at a one off windfall of about £150K. I'm just wondering how best to deal with it from a tax point of view. I want to pay tax but a bit sore at losing over half of it given that it's a one-off sum and I've been paying tax through PAYE anyway. Anyone got any advice onthe best legal way to minimise the tax I have to pay? Half under the mattress and half to the following Swiss bank account....... Nice one - hope you find a way of keeping most of it Quote Link to comment Share on other sites More sharing options...
Flora MaDonald Posted February 7, 2015 Share Posted February 7, 2015 Kid-on you're Amazon or Starbucks. Quote Link to comment Share on other sites More sharing options...
giblet Posted February 7, 2015 Share Posted February 7, 2015 Just give me your bank account number, sort code an pin number, will take care of it for you. Quote Link to comment Share on other sites More sharing options...
Buzz Posted February 7, 2015 Author Share Posted February 7, 2015 Thanks for the suggestions! A maté said I should get it paid into my Paddy Power account so that it looks like tax free winnings when it arrives into my bank account. Creative. Quote Link to comment Share on other sites More sharing options...
Flora MaDonald Posted February 7, 2015 Share Posted February 7, 2015 We've found the Sevco London EGM benefactor. Why do you not just fire it into your account and tell nae qünt? Quote Link to comment Share on other sites More sharing options...
Buzz Posted February 7, 2015 Author Share Posted February 7, 2015 I was thinking about that but was told the bank would ask questions and would tip off HMRC. Quote Link to comment Share on other sites More sharing options...
sbcmfc Posted February 7, 2015 Share Posted February 7, 2015 Thanks for the suggestions! A maté said I should get it paid into my Paddy Power account so that it looks like tax free winnings when it arrives into my bank account. Creative. You can't do that, they have quite a lot of things in place to stop money laundering. (You'd have to pay the winnings into the account you deposited from, being the most basic and effective one in this case). You could get it in £1 coins and run it through fruit machines, that seems to work.... Quote Link to comment Share on other sites More sharing options...
Kirk Posted February 8, 2015 Share Posted February 8, 2015 do you not know anyone thats papped it recently? Claim it from sale of a house left to you? Or something along those lines. Quote Link to comment Share on other sites More sharing options...
EddardStark Posted February 8, 2015 Share Posted February 8, 2015 I done a wee business deal a few years ago and it looks as if it is going to pay off in the next 12-18 months. I'll be looking at a one off windfall of about £150K. I'm just wondering how best to deal with it from a tax point of view. I want to pay tax but a bit sore at losing over half of it given that it's a one-off sum and I've been paying tax through PAYE anyway. Anyone got any advice onthe best legal way to minimise the tax I have to pay? this is all strictly legal. http://www.nationwide.co.uk/guides/looking-after-your-money/windfalls-and-inheritance Quote Link to comment Share on other sites More sharing options...
neilser Posted February 9, 2015 Share Posted February 9, 2015 Get it paid to you as a 'loan' from an Employee Benefit Trust - contact David Murray for details. Quote Link to comment Share on other sites More sharing options...
phart Posted February 9, 2015 Share Posted February 9, 2015 I was thinking about that but was told the bank would ask questions and would tip off HMRC. go through HSBC mate they'll not tell HMRC, although this morning all shit has broken loose as it seems its become public knowledge. Quote Link to comment Share on other sites More sharing options...
biffer Posted February 9, 2015 Share Posted February 9, 2015 Quote Link to comment Share on other sites More sharing options...
biffer Posted February 9, 2015 Share Posted February 9, 2015 I done a wee business deal a few years ago and it looks as if it is going to pay off in the next 12-18 months. I'll be looking at a one off windfall of about £150K. I'm just wondering how best to deal with it from a tax point of view. I want to pay tax but a bit sore at losing over half of it given that it's a one-off sum and I've been paying tax through PAYE anyway. Anyone got any advice onthe best legal way to minimise the tax I have to pay? You shouldn't lose half, if it's an investment then it's surely Capital Gains tax not Income tax, so 28%. Still not great, but not as bad. If you're a lower rate tax payer then you can use what's left of your allowance to pay 18%. Also depends what you want to do with it - if you're planning to invest it long term there may be something you can do around a pension contribution which should exempt you from a whack of tax. Or if you want to stick it away for kids' education, there should be an option about a trust fund. An accountant might have some better ideas than most of the muppets on here. Quote Link to comment Share on other sites More sharing options...
biffer Posted February 9, 2015 Share Posted February 9, 2015 Thanks for the suggestions! A maté said I should get it paid into my Paddy Power account so that it looks like tax free winnings when it arrives into my bank account. Creative. Your mate's either a muppet or trying to get you put in jail. Quote Link to comment Share on other sites More sharing options...
neilser Posted February 9, 2015 Share Posted February 9, 2015 An accountant might have some better ideas than most of the muppets on here. If you can't get an accountant you could always try taking financial advice from a porn star. Quote Link to comment Share on other sites More sharing options...
Pool Q Posted February 9, 2015 Share Posted February 9, 2015 You should be speaking to a decent accountant. I was going to do the porn star comment, but someone beat me to it. Quote Link to comment Share on other sites More sharing options...
The White Ceelo Posted February 9, 2015 Share Posted February 9, 2015 Get it in used 20's Quote Link to comment Share on other sites More sharing options...
Fred_Zeppelin Posted February 9, 2015 Share Posted February 9, 2015 Tory basturd!!! Quote Link to comment Share on other sites More sharing options...
UPROAR Posted February 9, 2015 Share Posted February 9, 2015 spend 10 bob and set up a limited company and open a business bank account. Since this is the consequence of an investment or advice you gave, you can claim it is payment to your company for consulting services. Then get a good accountant who will minimise your overall liability to around 20-25% tops... Quote Link to comment Share on other sites More sharing options...
Flure Posted February 9, 2015 Share Posted February 9, 2015 Dividends attract 18% tax. Quote Link to comment Share on other sites More sharing options...
Flora MaDonald Posted February 9, 2015 Share Posted February 9, 2015 Are you a The Rangers man? Quote Link to comment Share on other sites More sharing options...
Flure Posted February 9, 2015 Share Posted February 9, 2015 Are you a The Rangers man? Moi? Quote Link to comment Share on other sites More sharing options...
Flora MaDonald Posted February 9, 2015 Share Posted February 9, 2015 Moi? No you, ya goat. The windfall man. Quote Link to comment Share on other sites More sharing options...
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