£100k deposit into my Current Acc,

[AllUpHere]

Come on, nobody who does 100k deals would have such a total lack of understanding about how business (or the world generally) works. This is the kind of thread that usually gets posted during the school holidays.

 

[japancool]

Come on, nobody who does 100k deals would have such a total lack of understanding about how business (or the world generally) works. This is the kind of thread that usually gets posted during the school holidays.

I still reckon there's a Nigerian prince involved here somewhere.

 

[MikeJ]

Come on, nobody who does 100k deals would have such a total lack of understanding about how business (or the world generally) works. This is the kind of thread that usually gets posted during the school holidays.

It's a 500k project.....

http://www.ukbusinessforums.co.uk/threads/some-tax-advice-please.368625/

though he's running an ecommerce site, hoping to get in to furniture....

http://www.ukbusinessforums.co.uk/threads/thought-i-would-introduce-myself.367958/

 

[HomesWarehouse]

It's a 500k project.....

http://www.ukbusinessforums.co.uk/threads/some-tax-advice-please.368625/

though he's running an ecommerce site, hoping to get in to furniture....

http://www.ukbusinessforums.co.uk/threads/thought-i-would-introduce-myself.367958/

E-commerce is one of my other companies, and as above, the deal im talking about is similar to one I posted about previous involving property

 

[HomesWarehouse]

I still reckon there's a Nigerian prince involved here somewhere.

hes going to put straight into my account as soon as I give him my bank details

 

[k100danny]

an above board back hander? I think your lack of knowledge on how payments should be accounted for shows that this is totally fictional, saying it is not a large payment but asking for advice on a public forum? come on.

You can't just "gift" people money and as you say it's a thank you it is a payment for your services, bonus or whatever you want to call it.

If a solicitor gives you a 100k thank you i'll get my arse out in harrods window

 

[HomesWarehouse]

an above board back hander? I think your lack of knowledge on how payments should be accounted for shows that this is totally fictional, saying it is not a large payment but asking for advice on a public forum? come on.

You can't just "gift" people money and as you say it's a thank you it is a payment for your services, bonus or whatever you want to call it.

If a solicitor gives you a 100k thank you i'll get my arse out in harrods window

pretty sure that why I came here for advice, not sarcasm or negativity mate

 

[UK Contractor Accountant]

I recall when working for an Accountancy Practice in the City I was asked to attend a meeting with the the senior Partner and a prospective new client who was buying a 'prominent' (which I cant name) building in London.

The meeting was held in the Mayfair office of this new client and present were some foreign individuals whom I had no idea why they were in attendance. The deal had virtually been done when my senior Partner asked what the £250K payment to an offshore company nobody had heard off was for?

A 'facilitator' fee the foreign indivduals said after nervously looking at each other for a few moments. A few years later I remember seeing on the front page of a magazine that often reports on the misdeeds of powerfull & important people a section about corrupt individuals and 'bungs' (gifts!) regarding the sale of one of London's landmark properties.

 

[HomesWarehouse]

I recall when working for an Accountancy Practice in the City I was asked to attend a meeting with the the senior Partner and a prospective new client who was buying a 'prominent' (which I cant name) building in London.

The meeting was held in the Mayfair office of this new client and present were some foreign individuals whom I had no idea why they were in attendance. The deal had virtually been done when my senior Partner asked what the £250K payment to an offshore company nobody had heard off was for?

A 'facilitator' fee the foreign indivduals said after nervously looking at each other for a few moments. A few years later I remember seeing on the front page of a magazine that often reports on the misdeeds of powerfull & important people a section about corrupt individuals and 'bungs' (gifts!) regarding the sale of one of London's landmark properties.

Thanks, looking to avoid this scenario for obvious reasons, will update back here when I have sat down with my accountant next week to discuss

 

[obscure]

pretty sure that why I came here for advice, not sarcasm or negativity mate

People have given you clear advise. So far you seem intent on ignoring it and just re-asking the same question - hence people are starting to resort to sarcasm.

For the avoidance of any further confusion HMRC view a gift as an item of negligible value such as chocolates, a bottle of whiskey, etc. Anything of greater value than that, given to you buy your employer or any other company (a mobile phone, use of a company car, return flight tickets to Ibiza for you and your wife, £100k in a brown paper bag) does not fit the tax man's definition of a gift. It is considered a taxable benefit, has to be declared and tax paid. There may be some ways of processing such a payment that are more tax efficient than others but for that advise you will need to talk to your accountant who will require all the details of the deal in question.

The above assumes that you own or are employed by Company A and that Company B are making the payment to you with the full knowledge and approval of the shareholders/Directors of Company A.

 

[webgeek]

Business deal 'gifts' = 4 alarm fire.

Business deals into business accounts great.

Gifts into personal account great.

Business deals gifts into personal accounts = OMG.

You sure you wouldn't rather just get it in cryptocurrency or a numbered Panamanian account? (j/k)

 

[japancool]

Thanks, looking to avoid this scenario for obvious reasons, will update back here when I have sat down with my accountant next week to discuss

Well, your options are really:
1) Declare it and pay tax, then it's all above board.
2) Don't pay tax and await the above scenario.

If choosing option 2, it's probably wise not to post about it publicly, such as on an internet forum.