Full Time

[Kai]

Some very good advice there, shame the OP done a runner!

On one hand it's somewhat understandable. Talking about a man's livelihood here, surely the forum can do better than suggest to use the search function The query was specific enough to warrant a reply and the advice will no doubt help others too.

On another hand it doesn't help the OP to lose his cool quite that easily, if he's looking to live off trading in the long run

[Trader Pat]

Some very good advice there, shame the OP done a runner!

On one hand it's somewhat understandable. Talking about a man's livelihood here, surely the forum can do better than suggest to use the search function The query was specific enough to warrant a reply and the advice will no doubt help others too.

On another hand it doesn't help the OP to lose his cool quite that easily, if he's looking to live off trading in the long run

It did make me giggle though

It's like stopping to ask somebody for directions and then driving off before they can answer

[Kai]

Some very good advice there, shame the OP done a runner!

On one hand it's somewhat understandable. Talking about a man's livelihood here, surely the forum can do better than suggest to use the search function The query was specific enough to warrant a reply and the advice will no doubt help others too.

On another hand it doesn't help the OP to lose his cool quite that easily, if he's looking to live off trading in the long run

It did make me giggle though

It's like stopping to ask somebody for directions and then driving off before they can answer

I'm sure they'll calm down after a Snickers

Not many places to ask such queries, seeing as the other forum has been inactive since 2003.

[jamesedwards]

1) Open a business account
2) Withdraw all winnings to Paypal, never, ever to a debit card! Your bank will likely flag you immediately
3) Withdraw Paypal into your business account once per month
4) Transfer from said business account to current account on the last working day of each month (or 28th). Try to keep the amounts very similar (£2-4k ish) works very well
5) When you renew your mortgage or have any kind of credit check, simply state your employment as the name from which you pay yourself monthly, with full time employed being superior to self employed for insurance and risk assessment purposes

I've been doing this myself for many years, though I do genuinely have a small web and Google ads firm that accepts Paypal and transfers regularly into the business account from which I pay myself at the end of each month

Good luck!

CS

I like this idea. Is the business account just a sole trader self-named account or under a business name? I suppose there would be no point in doing this if you just end up with a business account with your name paying a "salary" into a current account with your same name? But then if it looks like a "salary" isn't there a risk that HMRC come a-knocking?

Any 'trading as' sole trader account is fine. Starling bank are fast and free and have no charges for BACS transfers. The important thing is that the name on the account is NOT your own name. IE 'XYZ Services' is how it appears on your personal account statement. No need for LTD company.

CS

Thanks for the info.

[Derek27]

Some very good advice there, shame the OP done a runner!

On one hand it's somewhat understandable. Talking about a man's livelihood here, surely the forum can do better than suggest to use the search function The query was specific enough to warrant a reply and the advice will no doubt help others too.

On another hand it doesn't help the OP to lose his cool quite that easily, if he's looking to live off trading in the long run

It did make me giggle though

It's like stopping to ask somebody for directions and then driving off before they can answer

I've encountered that before. A woman asked for directions, I knew the street she was looking for, just hesitated slightly and she said "never mind, you don't know" and buggered off!

[ShaunWhite]

1) Open a business account
2) Withdraw all winnings to Paypal, never, ever to a debit card! Your bank will likely flag you immediately
3) Withdraw Paypal into your business account once per month
4) Transfer from said business account to current account on the last working day of each month (or 28th). Try to keep the amounts very similar (£2-4k ish) works very well
5) When you renew your mortgage or have any kind of credit check, simply state your employment as the name from which you pay yourself monthly, with full time employed being superior to self employed for insurance and risk assessment purposes

I've been doing this myself for many years, though I do genuinely have a small web and Google ads firm that accepts Paypal and transfers regularly into the business account from which I pay myself at the end of each month

Good luck!

CS

You're basically describing money laundering? And when you submit your HMRC tax return for your 'business', how do you expain the revenue source?

[Derek27]

1) Open a business account
2) Withdraw all winnings to Paypal, never, ever to a debit card! Your bank will likely flag you immediately
3) Withdraw Paypal into your business account once per month
4) Transfer from said business account to current account on the last working day of each month (or 28th). Try to keep the amounts very similar (£2-4k ish) works very well
5) When you renew your mortgage or have any kind of credit check, simply state your employment as the name from which you pay yourself monthly, with full time employed being superior to self employed for insurance and risk assessment purposes

I've been doing this myself for many years, though I do genuinely have a small web and Google ads firm that accepts Paypal and transfers regularly into the business account from which I pay myself at the end of each month

Good luck!

CS

You're basically describing money laundering? And when you submit your HMRC tax return for your 'business', how do you expain the revenue source?

Reverend CS, money laundering!!

[ShaunWhite]

Receiving revenue into a business from an undisclosed source, and presumably not paying income tax on it either. That's a no no surely.

I think we've all thought about that sort of thing, having a shady business that mysteriously makes money and pays you for 'consultancy' without it or you paying tax, but it's so ify I can't believe anyone actually does it.

[Kai]

1) Open a business account
2) Withdraw all winnings to Paypal, never, ever to a debit card! Your bank will likely flag you immediately
3) Withdraw Paypal into your business account once per month
4) Transfer from said business account to current account on the last working day of each month (or 28th). Try to keep the amounts very similar (£2-4k ish) works very well
5) When you renew your mortgage or have any kind of credit check, simply state your employment as the name from which you pay yourself monthly, with full time employed being superior to self employed for insurance and risk assessment purposes

I've been doing this myself for many years, though I do genuinely have a small web and Google ads firm that accepts Paypal and transfers regularly into the business account from which I pay myself at the end of each month

Good luck!

CS

You're basically describing money laundering? And when you submit your HMRC tax return for your 'business', how do you expain the revenue source?

Reverend CS, money laundering!!

Well that escalated quickly Is CS even a real Reverend then??

Lets just hope Dallas doesn't see this and gives him a proper spanking with the banstick.

QUICK, someone bury this thread with pointless bickering!!

[Derek27]

He can always go to confession.

[Kai]

Reverend CS after posting his money laundering schemes on a public forum

[ShaunWhite]

I genuinely don't want to criticise CS for his faith, that's his own free choice, but I am genuinely shocked by the immorality of his suggestion.

I just pay myself from my Betfair account and deal with the consequences. We're lucky enough to be non-taxpayers with all the taxpayer perks anyway so defrauding credit companies with faked income and not submitting accurate 'business' accounts to the HMRC is a step I personally don't feel comfortable with.

They will charge you with fraud and tax offences when the wheels come off and, Her Majesty, in her year of such great sadness, would not be amused and would offer you appropriate accomodation at her pleasure. One tip CS, don't wear a vest to your funeral.

[ShaunWhite]

Reverend CS after posting his money laundering schemes on a public forum

To be fair it's not laundering, he's making clean money dirty. He earns legal money and has created an illegal operation to pay himself.

It's messy, it's either 2k-4k/mo income on bank statements with no income tax paid and they go back 7 years to collect it. Or avoid that by saying it's non-taxable non-income and face the credit fraud and false accounting instead. Doesn't look good.

[Derek27]

Reverend CS after posting his money laundering schemes on a public forum

At least the scheme doesn't involve buggery.

[ShaunWhite]

At least the scheme doesn't involve buggery.

The mortgage company might disagree, he's had their trousers down.