Business Expenses Abuse?

[inector]

If anyone sets up a company & PE in a country with no audit requirements (like UK)

OR a country with generous business expense rules (like Cyprus)

Can't he then just use the company for personal expenses?

Then on the paper he would have 0$ personal expenses to be taxed on, and can live anywhere, even in like EU?

 

[clemens]

inector said:
Can't he then just use the company for personal expenses?
Click to expand...

NO, not if you want to comply to the law. Yes if you don't care and don't live in the UK or Cyprus.

inector said:
Then on the paper he would have 0$ personal expenses to be taxed on, and can live anywhere, even in like EU?
Click to expand...

No, because the tax authorities are lurking on your account in 2024 if you have no spendings for personal stuff i.e. rent etc. you will get a nice letter and maybe already in this letter they will let you know that you owe them at least 1 million because of tax fraud.

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[Martin Everson]

inector said:
Can't he then just use the company for personal expenses?

Then on the paper he would have 0$ personal expenses to be taxed on, and can live anywhere, even in like EU?
Click to expand...

Technically you can use a company for whatever you want. Just be ready to accept the consequences of your actions....lol.

P.S The UK HMRC loves to work VAT fraud into every tax offense/abuse hence you more likely to do jail time.

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Please note my posts should not be taken as financial or tax advice. Please seek professional advice in that respect.

 

[ImKing]

Martin Everson said:
Technically you can use a company for whatever you want. Just be ready to accept the consequences of your actions....lol.
Click to expand...

You could just let the company pay in the first run and within a year pay back the money, so no one would question it, or am I wrong?

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[Dandyline]

inector said:
If anyone sets up a company & PE in a country with no audit requirements (like UK)

OR a country with generous business expense rules (like Cyprus)

Can't he then just use the company for personal expenses?

Then on the paper he would have 0$ personal expenses to be taxed on, and can live anywhere, even in like EU?
Click to expand...

Of course you can, but if they investigate you, you will have issues. They will probably never investigate a small dormant company, but you never know.

 

[Sols]

I've said it before and I'll say it again.

Tax evasion is one of the dumbest crimes a person can commit.

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This is the probably the answer to your question.

 

[JohnLocke]

Well, if you pay back the amount before the end of the company's year there is not much illegal in it nor is it tax evasion. You could even put it in the books as private expenses and pay tax from it, that would also be OK, it's on the gray line but not illegal.

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[mud]

Personal expenses that don't have a business connection are unlikely to be tax deductible in most countries.

So, if your company pays for them they become loans to you that your company has lent on your behalf.

The problem with the UK is that Diectors loans that aren't paid back get taxed.

Director's loans.

There are other countries that don't have his tax on unrepaid loans. One of them might be a better choice.

You could check Jersey or Gibraltar for instance if you want a UK realted corporation.