[Helen]

Stephen (bertie boo) yes it is your accountants job to make sure your figures are correct, however it is your overall responsibilty. When you are next due for a return sit down and go through with your accountant, so that at least you can understand the basics.

[williamx]

Also what are you going to do with the money you have fiddled, you can't put it into a bank because they will want to see records of where it came from, you can't have a nice new motor or holiday or designer clothes because they are too visable and you have to prove where you got the money from.

So all you are left with, is a new matress, stuffed with money, that you can't use.

I assume you are talking about thousands of pounds  not the odd 100 here and there, you could always say you had a few good wins at the bookies.... no way of disproving that

If you are going to do it, its better to go for the thousands rather than the hundreds, because the tax man won't believe you anyway if you get caught and say It was only a few quid.

I would use a casino, just go in there cash a few grand, wait a while then cash your chips in but ask for a cheque instead of cash, your money is then perfectly legal and non taxable.  Don't do this too often otherwise the tax man will class you as a professional gambler and tax you.

Maybe if the tax man are watching they could come up with other sugesstions

[bluesteve]

can you really be taxed if you re a professional gambler?
what about a semi professional gambler ?
 it would be interesting to know at what level someone would become a professional gambler
espcially with the internet making it so easy, and its so easy to study the stats, and what happens if you say for arguments sake you earn £10,000 gambling and £20,000 window cleaning , where do you stand with the taxman?
 For the record this is not my situation just a few simple random figures, am to good at picking donkeys and every football match i bet on goes against form!

[Russell Macdonald]

I know of a Tax Inspector, well i know her brother anyway.

I got talking to her on this subject & yes they do. Was told if year on year your returns are showing a small profit & your always paying no tax or very little, they will do a chack. Like drive past & look at your home, car etc, follow now & again you while at work to see if it matches your tax return. They may do this over a couple of years i was told as they can ask for 7 years of books.

This happened to a mate of mine in London & he was ammased what they new. Because he could not prove or disprove what they said the end result was he owed in eccess of £50,000 in fines, interest & estimated tax he owed.

Macc

Hey Macc

Two questions: (1) what can they find out by following you whilst working (serious question)

(2) My accountant said that my business will always be one that shows little or no profit -at least in the early years- and the tax payable very low. He assured me that this will present no problems and that its his job to see that my accounts are correct - indeed he said that the fact that i am using an accountant shows to the Inland Revenue that i am running a legit service. But you got me worried now?  I dont really understand this side of my business which is why i pay an accountant to help -or, more to the point, do it for me.

Cheers

Stephen

Only just read this sorry mate.

1. Say in your accounts it shows a turnover but the hours & jobs dont add up it gives them something to query.

2. Early days in buisness often show no profit or very little & they know this. As time goes by protit & turnover will always increase, if 10 years after being in buisness i cant see a buisness still making a loss.

They can spot the difference between cooked books & the genuine trader. The fact your using an accountant does hold some weight will them so dont worry mate.

Macc

[Bertie Boo]

Cheers Macc.

As for the hours and jobs etc, well thats another thing i dont fully understand - my accountant asks only for a list of all money i've take per week, he says no one wants to know how many jobs or hours i've done. 

I was also surprised when he said there was no point me keeping a log of how many miles i was driving as apparently it's so low he said there was no need. He just makes an allowance at the end of the period for personal useage. I was quite surprised by it all but when i talk to other self-employed folk they say that what my accountant is asking for and doing is the same as what theirs does. Its a whole new world to me 

Stephen

[Russell Macdonald]

Spot on Stephen. I only keep weekly accounts too, i don't want to keep too much info for them. 

As for the % for private that is correct, IR gave me 80% buisness use before i got my van.

Let your accountant sort it for you, he knows where the limits are & things to
claim for. That's why your paying him, to save you money. 

Macc

[Paul Coleman]

Spot on Stephen. I only keep weekly accounts too, i don't want to keep too much info for them. 

As for the % for private that is correct, IR gave me 80% buisness use before i got my van.

Let your accountant sort it for you, he knows where the limits are & things to
claim for. That's why your paying him, to save you money. 

Macc

80% ?
I did calculate my business/private use on my van over a fixed period and it came out at 85% so it seems I'm pretty close.  My van is my only vehicle.  In reality, there are weeks when my private use creeps up and there are weeks when I use it entirely for 100% business.  I reckon if I took it over the whole year, 85% would be just about right.

[windowwashers]

can you really be taxed if you re a professional gambler?
what about a semi professional gambler ?
 it would be interesting to know at what level someone would become a professional gambler
espcially with the internet making it so easy, and its so easy to study the stats, and what happens if you say for arguments sake you earn £10,000 gambling and £20,000 window cleaning , where do you stand with the taxman?
 For the record this is not my situation just a few simple random figures, am to good at picking donkeys and every football match i bet on goes against form!

As far as I am aware you do not get taxed on Gambling.