Last few days for cash for your scrap

[jase158]

I leave all copper at customers house as it is there property not mine.

 

[stevebush]

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...

 

[Skelly87]

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!

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

 

[Resolute]

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!

 

[REDSAW]

so! just a thought why do you have to be of a certain age to go to the scrap yard to weigh in?

 

[Orry Clayton]

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 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.

 

[TomLane]

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.

 

[CES]

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.

 

[Resolute]

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.

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?!

 

[johnnyplumb]

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!

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.

 

[secret squirrel]

Just send the missus down and get it in her name and give her 5% :hurray:

5 per cent......... I'm not giving her anything, except the obvious and she gets that whether she wants it or not!

 

[alchemymetals]

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.

 

[vern]

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

What's rubbish? its tough but he did it and got caught end of, income is income recycling excuse does not wash!

 

[vern]

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.

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!

 

[vern]

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.

Horse bolted! Stable door shut johnny! guess what insurance he has now lol