Looks like they tried to set up a shell corporation, but left behind a silvery trail of evidence of tax avoidance.
this post was submitted on 21 Aug 2024
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silvery trail of evidence of tax avoidance.
There web site is the trail. It openly states that the purpose is to remove bisness rates from empty commercial property.
As the law means property used for farming is 0 rated.
They are not to bothered about slimy trails because tax avoidemce is legal.
Just seems to be the first time someone has come up with this implementation.
The question is. How quickly the local auth comes up with a way to claim it dose not meet planninf perposes or some such.
Shouls be easy to prove: If the earnings from selling snails is lower than the costs, it should be quite clear that this is just tax avoidance.
Can't help but wonder why there is a probe. Tax avoidance is perfectly legal.
And honestly, running a negative profit company is not really an effective solution. It's basically giving money away, so avoiding tax by not having any money.
Unless the person has some personal interest in snails. And in that case. Cool for him that has no moral issue. Non-profit companies are a common way of funding a charitable(ish) venture and perfectly legal.
It is more likely to be an evasion/criminal activity probe. IE, snails ain't what he is really selling.
Because doing crap like this is how the rich avoid paying their fair share of taxes.
And yes running it a loss is a legitimate thing:
- Open up subsidiary company that you know/think will operate at a loss or near loss
- Use the negative profit to offset positive profit from another subsidiary (main operations for example)
- Parent company now has lower NET Profit!! Thus paying less in taxes since your "income" is now much lower than it was before.
- Laugh at the taxman because you just got away with stealing from your countrymen
That's just an off the cuff example, obviously it can be a little more complicated depending on the jurisdiction
In the UK it is not a crime to avoid tax. Nor most places.
The fact the tittle says its a.probe for avoidebce. Is the question im asking.
Evation is a crime.
Definition wise Avoidence is what every britt with a IRA style savings account is doing.
This company is claiming openly and legally that running a snail farm is a way to avoid paying local buisness rates. As they do not apply to farming.
My comment about morals was based on the comment claiming it not being profitable is evidence. There is no crime in running an unprofitable company. And theor are many moral reasons to do so.
The reson for this is identified in the article. And is def avoidence.
Ill also add. While I have no sympathy for commercial landlords. The companies are in danger atm as UK high streets are not able to rent property.
Buisness rates are not based on profit. They are based on the building.
If a company has loads of empty not earning buildings. At a time where they are not renting or selling well(at all)
Its really not imoral for that comany to look at ways to reduce fuxed costs.
I actually farmed snails, no lie, sold Mystery Snails on Aquabid.com and eBay. Shipping got to be a pain and I was only making about $9 per order. You have to have cold packs in the summer and hot packs in the winter, so there's that as well.
It was fun, but if you want to raise multiple colors, you have to have multiple tanks and cull them properly, which I didn't have the heart to do.
LOL, just checked aquabid and the same seller is still dominating the Mystery Snail market since I did it 10 years ago. You go Gu2high!
Damn. Now I'm thinking about ranching some more springtails. Throw 'em in a plastic container with water, lump charcoal and a tiny speck of fish food, BAM, a thousand more pop out.
Wat
