Can a company get a pay day loan? Can a company get a pay day loan? - Page 2
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  1. #11

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    Quote Originally Posted by malvolio View Post
    Although it is highly unlikely someone will lend money to an entity that can vanish overnight without paying it's debts...

    I thought that was the whole business plan of the Pay Day loan industry?
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  2. #12

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    Quote Originally Posted by malvolio View Post
    Although it is highly unlikely someone will lend money to an entity that can vanish overnight without paying it's debts...
    I don't think he was suggesting borrowing from an actual lender. Just coming up with a stupid avoidance scheme that would fail for multiple reasons.
    That's how I read it anyway.
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    Quote Originally Posted by Lance View Post
    I don't think he was suggesting borrowing from an actual lender. Just coming up with a stupid avoidance scheme that would fail for multiple reasons.
    That's how I read it anyway.
    He should have thought of an invoice factoring tax avoidance scheme such as x factor (where x = OJDATC).
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    Quote Originally Posted by Lance View Post
    I don't think he was suggesting borrowing from an actual lender. Just coming up with a stupid avoidance scheme that would fail for multiple reasons.
    That's how I read it anyway.
    Sounded to me like you'd need to set up some FCA-regulated lender to lend the company, say, £40k and get £80k back in capital and interest. It could work better if you then charge £100/week for statements, plus other varying amounts for activity and a banking hotline with an 09 number billing at £200/minute.
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  5. #15

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    Quote Originally Posted by pscont View Post
    At 10% per day.
    This is a scheme just like any other to reduce tax. Is it legal and what can HMRC do, cause they won't like it?

    PS. Usual fookers don't bother vomiting here and just fook yourself.
    Constructive discussion please.
    oh dear

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  6. #16

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    Quote Originally Posted by pscont View Post
    At 10% per day.
    This is a scheme just like any other to reduce tax. Is it legal and what can HMRC do, cause they won't like it?

    PS. Usual fookers don't bother vomiting here and just fook yourself.
    Constructive discussion please.
    Three outcomes.

    1) Borrow £1000 and pay back, say £2000 (so £1000 in interest). You might save £190 on your Corp Tax bill, but the other £810 is lost to the payday lender forever. So yes, it reduces your tax bill, but the overall loss to the business is far higher.

    2) Set up your own payday lender, become regulated and all that. Pay £1000 in interest. You'd save £190 in Corp Tax, but the £1000 profit your pay day lender created would pay £190 in Corp Tax. That company would have its own accountancy costs and whatnot. So the overall loss is higher than had you not bothered.

    3) Jail time. If HMRC managed to stop laughing at such a moronic 'scheme', that is. 'Schemes' to evade tax should result in you having more money afterwards (but before the court case), not less.

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