| Offshore Account w/credit card [message #390349] |
Mo, 22 Mai 2006 17:51 |
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I was speaking to an old friend the other day who told me this...
FYI: He lives in the UK, has a registered business in the UK, pays tax in
the UK, UK resident, permanent UK address.
*Some* of his overseas clients pay straight into an offshore account he has,
I'm not enteirely sure where the account was, possibly in Africa or the US.
The account was setup with a fake name and a mailbox address so it sounds
like there's no way to relate this account to his UK name and address as far
as I know..The offshore account comes with a credit card which he can use
wherever he pleases. Ofcourse, he's doing this to avoid tax on the amount in
this offshore account. He said he uses the account for a little extra
'pocket money'...and he would 'withdraw cash every now and then' from
wherever he happens to be.
I'd like to know just how risky is it to be doing such a thing?
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| Re: Offshore Account w/credit card [message #390352 ] |
Mo, 22 Mai 2006 18:19 |
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"luke" <lukoee [at] localhost.net> wrote in message
news:4471de10$0$2695$ed2619ec [at] ptn-nntp-reader01.plus.net...
>I was speaking to an old friend the other day who told me this...
>
> FYI: He lives in the UK, has a registered business in the UK, pays tax in
> the UK, UK resident, permanent UK address.
>
> *Some* of his overseas clients pay straight into an offshore account he
> has, I'm not enteirely sure where the account was, possibly in Africa or
> the US. The account was setup with a fake name and a mailbox address so it
> sounds like there's no way to relate this account to his UK name and
> address as far as I know..The offshore account comes with a credit card
> which he can use wherever he pleases. Ofcourse, he's doing this to avoid
> tax on the amount in this offshore account. He said he uses the account
> for a little extra 'pocket money'...and he would 'withdraw cash every now
> and then' from wherever he happens to be.
>
> I'd like to know just how risky is it to be doing such a thing?
>
Whatever the risk of getting caught, he's just multiplied it ten fold by
boasting about it....
Adrian Smith
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| Re: Offshore Account w/credit card [message #390360 ] |
Mo, 22 Mai 2006 20:15 |
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"luke" <lukoee [at] localhost.net> wrote in message
news:4471de10$0$2695$ed2619ec [at] ptn-nntp-reader01.plus.net...
>I was speaking to an old friend the other day who told me this...
>
> FYI: He lives in the UK, has a registered business in the UK, pays tax in
> the UK, UK resident, permanent UK address.
>
> *Some* of his overseas clients pay straight into an offshore account he
> has, I'm not enteirely sure where the account was, possibly in Africa or
> the US. The account was setup with a fake name and a mailbox address so it
> sounds like there's no way to relate this account to his UK name and
> address as far as I know..The offshore account comes with a credit card
> which he can use wherever he pleases. Ofcourse, he's doing this to avoid
> tax on the amount in this offshore account. He said he uses the account
> for a little extra 'pocket money'...and he would 'withdraw cash every now
> and then' from wherever he happens to be.
>
> I'd like to know just how risky is it to be doing such a thing?
The risk of being caught,
or the risk of a criminal prosecution if caugth
(rather than just being asked for back tax plus
penalties)?
I suspect that the latter is a certainty
tim
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| Re: Offshore Account w/credit card [message #390378 ] |
Di, 23 Mai 2006 05:36 |
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On Mon, 22 May 2006 16:51:48 +0100, "luke" <lukoee [at] localhost.net>
wrote:
>I was speaking to an old friend the other day who told me this...
>
>FYI: He lives in the UK, has a registered business in the UK, pays tax in
>the UK, UK resident, permanent UK address.
>
>*Some* of his overseas clients pay straight into an offshore account he has,
>I'm not enteirely sure where the account was, possibly in Africa or the US.
>The account was setup with a fake name and a mailbox address so it sounds
>like there's no way to relate this account to his UK name and address as far
>as I know..The offshore account comes with a credit card which he can use
>wherever he pleases. Ofcourse, he's doing this to avoid tax on the amount in
>this offshore account. He said he uses the account for a little extra
>'pocket money'...and he would 'withdraw cash every now and then' from
>wherever he happens to be.
>
>I'd like to know just how risky is it to be doing such a thing?
The stupidest part about what he did was opening the account in a fake
name. I don't think it was really necessary to go to those lengths.
What's he going to do if the bank should ever ask him for proof of
identity?
Apart from that, its very unlikely anyone would ever find out about
the account if he just uses it to withdraw cash from an ATM
Chris
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