I BUY AND SELL HORSES PRIVATLY, (NO TAX) IF I BUY A LOcK UP GARAGE FOR £30000.00 DOES THE TAX MAN HVE 2 KNOW

Question

i do a bit off buying and selling and have put drips and drabs into a savings account, but as its been for things like horses, cars, and the odd bit on ebay non off it has really been taxed, im now looking to buy a lock up garage for 30000.00 will i get into trouble for haveing money when i dont pay tax,

Answer 1

Not really they won't know. Please tell me your not going to try & keep horses in a lock up tho!

Answer 2

You say you have a savings account, so any transactions that you make from it leave a 'paper trail'. If at some future date some disgruntled customer grasses you up the Revenue, you are going to be in deep financial do-do. They could come down on you like the proverbial ton of bricks, and they will show no mercy.

Answer 3

Seems you're a general merchant, and your profit should have been taxed.  The tax authority (HMRC) might well already know about your savings account, and they will know if you buy a garage or an y other property - so yes, they might start pulling you apart and yes, you'll be in deep trouble.  If you want to be sure of avoiding the worst of this rather nasty experience, come clean.

I don't recommend laundering the money either.  That's even riskier than tax evasion and can a lot more expensive to be caught.

Answer 4

launder it through a casino, thats what my mate did.

Answer 5

You will probably have to pay property tax and depending on how much you make selling a how can be considered earned income

Answer 6

if youve made a profit over the years from your buying and selling, that profit is classed as income.

If you buy and sell a lot in a year, if thats the main way you make money, they will want tax and national insurance from you.

if they dont know about your activities, you might continue to get away with it for years,  but if they ever investigate you, they are very good at finding things out and will hit you with a backdated bill.

talk to an accountant.  Some of them give you thier first hour of advice for free, and your conversation is confidential.

Answer 7

You're not selling it you're buying it, so who's gonna be interested? Who's to say you haven't been saving a pound a day under your bed since the day you were born, anyway?

Buy it, no worries.

Edit: I've come back to this to see question to see what's going on, and I haven't changed my opinion. If you choose to buy this lock-up it's between you and the vendor, and the source of your income won't be checked on that transaction. As I previously said, too, you may well have been saving this cash from various sources ON WHICH YOU MAY ALREADY HAVE BEEN TAXED as far as anyone knows, so buy it and be happy.

We don't live in a police state quite yet, with the Tax Police standing around monitoring every purchase, thanks be. If it makes you feel more comfortable to give money to an accountant though, please go ahead. :-/