Last few days for cash for your scrap

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erpkid

Have just finished loading the van for the last cash run to our scrappie. As of the 3rd of December it will be cheque or transfer apparently. This was one of the last few perks we had so well done the government on introducing a law that will not discourage the toe rags who desecrate war memorials but make all of our lives just a bit more transparent.....also the missus will see how much scrap actually makes :sad:.............rant over

BTW also guessing the scrappie will be pretty mean with his prices
 
WE have no problem with cleaning up the scrap business - my best friend runs one
NEVER take your stuff in b 4 xmas cause the price always goes down - wait until
after my birthday - 29 jan

Father Xmas
 
Will a transfer or cheque make much difference though if its to a personal account?
 
Resolute said:
Will a transfer or cheque make much difference though if its to a personal account?
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If its a Ltd company yes, it needs to go into the business account!
if your a sole trader you can, but tax has to be declared!
ANY TIME BEFORE 3rd Dec they will have your pants down for sure!
 
Cant even be bothered with scrap anymore loads of hassle now i just stick £50 on materials nowadays
 
I find it hard to believe that you will have to be a business to scrap anything in! just put the cheque in your name, (less paperwork) and then pay it into your personal account. The way I see it is that I am throwing it away, and making money doing it. so I aint putting it in the books, never will even if they pay by cheque.
 
vern said:
If its a Ltd company yes, it needs to go into the business account!
if your a sole trader you can, but tax has to be declared!
ANY TIME BEFORE 3rd Dec they will have your pants down for sure!
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You mean tax is supposed to be declared! Might just stick it in the misses name!
 
do you ring the goverment and tell them that you are putting your rubbish bin out?
Do you ring the goverment and tell them you are putting some bottles in a bottle bank?
do you ring the goverment and tell them you are going down the dump?

do you pay tax to do any of these?
 
Destroyer2813 said:
I"ll think you"ll struggle to find anyone who currently declares their scrap money
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My mate who had an investigation, they estimated his last 5 years scrap income!! Trust me in the mrs name, personal account is still no good! They go through everything, BTW ingnorance is no defence either my pal worked his nuts off for a whole year, just to pay the fines and the HMRC's Estimates of what he owed, you cannot negotiate either!
 
I leave all copper at customers house as it is there property not mine.
 
there is loop hole, how long before they change who knows, but if they come to you and pick scrap up they will still pay cash, what this means to me is he comes to my lock up takes scrap to yard i follow he weighs it & pays me cash, charges a fiver, bit of hassle, but saves opening bank accounts & plus the otherhalf still none the wiser how much spare cash i have to spend on tools...
 
vern said:
My mate who had an investigation, they estimated his last 5 years scrap income!! Trust me in the mrs name, personal account is still no good! They go through everything, BTW ingnorance is no defence either my pal worked his nuts off for a whole year, just to pay the fines and the HMRC's Estimates of what he owed, you cannot negotiate either!
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What a load of rubbish!!! So they are going to do you for what is essentially recycling!! Do scrappies out if business this way cost most ppl just wont bother
 
If your that worried, take 20% of whatever you make and stick in a high interest account. If u ever get investigated then you can pay it straight away!
 
so! just a thought why do you have to be of a certain age to go to the scrap yard to weigh in?
 
vern said:
My mate who had an investigation, they estimated his last 5 years scrap income!! Trust me in the mrs name, personal account is still no good! They go through everything, BTW ingnorance is no defence either my pal worked his nuts off for a whole year, just to pay the fines and the HMRC's Estimates of what he owed, you cannot negotiate either!
Click to expand...

i doubt it was just scrap... They have to take your word for it, so "I don't take scrap, I leave it with customers" is enough.
I think your friend may have been doing a bit more work than he was declaring.
 
Anyone got a link or detailed explanation of new regulations? I have heard varying stories but would just like to know exactly what is what.
 
A scrappy my mate goes to exchanges his scrap cylinders & copper for new end feed and solder ring fittings. This will more than likely stop as the contract guys who weigh in their excess fittings will have to think of other ways to cash in.
 
CES said:
A scrappy my mate goes to exchanges his scrap cylinders & copper for new end feed and solder ring fittings. This will more than likely stop as the contract guys who weigh in their excess fittings will have to think of other ways to cash in.
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Maybe we could set up a swap shop with a few guys on here and a scrappy. Collate any cash made and have a massive drink a couple times a year?!
 
vern said:
My mate who had an investigation, they estimated his last 5 years scrap income!! Trust me in the mrs name, personal account is still no good! They go through everything, BTW ingnorance is no defence either my pal worked his nuts off for a whole year, just to pay the fines and the HMRC's Estimates of what he owed, you cannot negotiate either!
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you can appeal, it'll be costly though, lawyers dont come cheap, however
when you take out your public liability insurance, you can get extra cover to cover you for any tax investigations by hmrc,
basically means if the tax/vat man asks for £10k or whatever, and you dont agree, you then leave it to the lawyers to deal with and you dont have to worry about the legal bill. you might still end up still having to pay hmrc some tax, [a certainty] but the lawyers will argue your case. i think the extra cover costs around £50, google tax investigation insurance.
 
Morning everyone, just wanted to give your the facts for Mondays cash ban (don't shoot the messenger!). There is only one legal way you can now receive cash for your scrap, anybody that tells you otherwise or continues to pay you in cash is breaking the law. A very small proportion of itinerant traders can continue to pay cash, there are only a few of these around the country and they are itinerant traders with an S3(1) exemption. Most itinerant traders, like 99.9999% do not have this exemption - it requires a Police check. Any and all other rumours that you may hear are not true. Feel free to message me with any specific questions.
 
Skelly87 said:
What a load of rubbish!!! So they are going to do you for what is essentially recycling!! Do scrappies out if business this way cost most ppl just wont bother
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What's rubbish? its tough but he did it and got caught end of, income is income recycling excuse does not wash!
 
Orry Clayton said:
i doubt it was just scrap... They have to take your word for it, so "I don't take scrap, I leave it with customers" is enough.
I think your friend may have been doing a bit more work than he was declaring.
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Routine investigation pulled at random, then they went through everything! Scrap was one part of it, CP 12's another, carbons on pads which you have to keep, checked against invoices for ££££££, don't think you are bullet proof you are not!
 
johnnyplumb said:
you can appeal, it'll be costly though, lawyers dont come cheap, however
when you take out your public liability insurance, you can get extra cover to cover you for any tax investigations by hmrc,
basically means if the tax/vat man asks for £10k or whatever, and you dont agree, you then leave it to the lawyers to deal with and you dont have to worry about the legal bill. you might still end up still having to pay hmrc some tax, [a certainty] but the lawyers will argue your case. i think the extra cover costs around £50, google tax investigation insurance.
Click to expand...
Horse bolted! Stable door shut johnny! guess what insurance he has now lol
 
alchemymetals said:
Morning everyone, just wanted to give your the facts for Mondays cash ban (don't shoot the messenger!). There is only one legal way you can now receive cash for your scrap, anybody that tells you otherwise or continues to pay you in cash is breaking the law. A very small proportion of itinerant traders can continue to pay cash, there are only a few of these around the country and they are itinerant traders with an S3(1) exemption. Most itinerant traders, like 99.9999% do not have this exemption - it requires a Police check. Any and all other rumours that you may hear are not true. Feel free to message me with any specific questions.
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Good Morning & Welcome to the Forums
Can I ask a question?.
What are the specifics? I live in Scotland, have a waste carriers licences and use a local scrap dealer. If I went in next week with a load of copper/brass/steel what should I expect to have to provide in order to receive payment and what payment options are available?
Thanks
 
vern said:
Routine investigation pulled at random, then they went through everything! Scrap was one part of it, CP 12's another, carbons on pads which you have to keep, checked against invoices for ££££££, don't think you are bullet proof you are not!
Click to expand...

Was this the Taxman or the VAT man Vern? In my experience the taxman has little teeth when you are armed with a good accountant. The VAT man is another beast though.
 
alchemymetals said:
Morning everyone, just wanted to give your the facts for Mondays cash ban (don't shoot the messenger!). There is only one legal way you can now receive cash for your scrap, anybody that tells you otherwise or continues to pay you in cash is breaking the law. A very small proportion of itinerant traders can continue to pay cash, there are only a few of these around the country and they are itinerant traders with an S3(1) exemption. Most itinerant traders, like 99.9999% do not have this exemption - it requires a Police check. Any and all other rumours that you may hear are not true. Feel free to message me with any specific questions.
Click to expand...

This legislation only applies to England and Wales, not Scotland - they will be coming up with their own legislation.
 
CES said:
Was this the Taxman or the VAT man Vern? In my experience the taxman has little teeth when you are armed with a good accountant. The VAT man is another beast though.
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Tax man to start with pal, then mysteriously the vat man got involved, he reckons it was a disgruntled custard who he did a ££££ for (very good price etc), then 1 week later rang him for a Vat receipt, lots more too it than that, but you get the idea.....he was worked over big time, but has you have correctly said Vat man is the bad boy!
 
cheers all for ruining my xmas, have been saving my scrap for 6 months to buy a wedding ring :(, now thieving tax man wants to tax me on material which was already taxed when sold, tax my income and now tax my scrap, but funny enough seems less bothered to sort out all the billions lost through major companies avoiding tax and politicians claiming force expenses. A lot of people rely on scrap and a bit of cash in hand to get by in these hard times.
Sorry rant over now :)
 
my take of the chancellor...

trying to shush us while he is screaming his bum off while he is getting shafted by the big people. always the same.
 
Tax investigation insurance is only good if your innocent.
Basically, they have multiple disclaimers saying 'if your fiddling it and get caught, your on your own and we aren't paying a bean'... I know because I recently looked into it (and no, I don't do cash jobs at all. Invoices even given to family members as I'm paranoid!)
I haven't taken it out as I'm not VAT registered yet but I will be imminently and will take it out then as a precaution. As someone said, the taxman is quite mild compared to the VAT man, from what I've head anyway!
 
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haha yeah vern, more for the stag night :), so what should i be expecting when i next go to the scrappy, i work for a company so only have personal accounts and i do not have waste carriers license and live in kent? so what will they ask to see and how would i get paid?? also just wondering if anyone has actually been to scrappy since these laws have been introduced, are they actually being implemented?
cheers
 
plumb_know said:
haha yeah vern, more for the stag night :), so what should i be expecting when i next go to the scrappy, i work for a company so only have personal accounts and i do not have waste carriers license and live in kent? so what will they ask to see and how would i get paid?? also just wondering if anyone has actually been to scrappy since these laws have been introduced, are they actually being implemented?
cheers
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Yes here in Suffolk it is cheque only now - one cylinder and a bit of pipe as a tester - no worry about the carrier license once you land. Payee of your choice.
 
theanalyst said:
Tax investigation insurance is only good if your innocent.
Basically, they have multiple disclaimers saying 'if your fiddling it and get caught, your on your own and we aren't paying a bean'... I know because I recently looked into it (and no, I don't do cash jobs at all. Invoices even given to family members as I'm paranoid!)
I haven't taken it out as I'm not VAT registered yet but I will be imminently and will take it out then as a precaution. As someone said, the taxman is quite mild compared to the VAT man, from what I've head anyway!
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Tax man and vat man are now combined into a team for us small peeps.....they are still feeling their way though as after our first inspection I still had most of my internal organs and the dangly bits not too squeezed....this time.....
 
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cheers erpkid, sorry if this is a bit dumb but what is the difference then apart from having to wait for a check to clear?? if you cash the cheque does it automatically get taxed or something?
 
plumb_know said:
cheers erpkid, sorry if this is a bit dumb but what is the difference then apart from having to wait for a check to clear?? if you cash the cheque does it automatically get taxed or something?
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No difference really apart from the new transparency to your income. I would not put it past them to see your scrap income for the current year and then back track. We work under a limited company umbrella but all the sole trader plumbers around here have had amnesty letter from the revenue reference cash payments in general. I predict something similar so watch this space
 
erpkid - was it an inspection or investigation? random or not?
Not as painful as you were expecting by the sound of it?!
 
Went to my local scrappie today, I have been going to the place for 20 years seen there kids grow up in the yard etc. they can't pay cash, no way, I wept, can the honest tradesmen have no perks!!?? Oh well, must get my company registered in the Kayman islands I' m pretty sure that would save me some money!!!!
 
theanalyst said:
erpkid - was it an inspection or investigation? random or not?
Not as painful as you were expecting by the sound of it?!
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Inspection as we had just gone vat registered. As we have been investing quite a lot in the business we had a lot of assets still in use from the last four years. This meant they had to pay us a fair amount. It went OK as with anything you tend to over worry. We had receipts for everything and it turned out it was a box ticking exercise It took all day though and for a small business this was quite onerous.
 
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