Big Brother Is Watching You!

This topic came up today in a discussion with a client about how things from years ago that had been completely forgotten, can come and bite you on the bum!

Do you realize that everything you post about on the internet in all it’s forms; on forums like UK Business Labs (my favourite), Ecademy etc., everything you twitter about, everything you offer, everything you boast about…can and will be used against you by our beloved government if you give them half a chance.

It isn’t just terrorists they are looking for, can you guess??

Yup. Undeclared income.

They have for a long time trawled through the classified ads in local newspapers; post office window cards; signs at the roadside etc., looking for naughty people. For instance, I had a tax investigation start many years ago because the particular tax inspector used to drive to work each day passing my client’s house and couldn’t help but notice every few days there was a different car for sale parked on the grass verge outside the house.

Another time, long ago, in the early days of the internet, a client had a website designed for him which stated (presumably to help with credibility) they had been in business 10 years longer than they actually had. It was a huge battle to get the Tax Office to back down from wanting to demand these missing 10 years of profits from the business records.

So please be aware that like elephants, the internet never forgets, and those affiliate commissions you thought were only just large enough to be called pocket money could produce a huge tax bill in a few years time. All these resources, networking tools, blogs, articles, forum posts etc., that you use without much thought every day, can and are brought up during a tax investigation. It isn’t just potential customers that can google you!

Of course, all my blog readers are ethical and honest business people and so declare every penny of their online commissions, ebay sales, cash sales, bartered exchanges of goods/services (yes these are taxable and VAT’able too) – I hope!!

You have been warned – please make sure your financial house is in order before you spread your business message far and wide across the globe.

~Ray

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Ray Stewart

Managing Director at Coalville Business Services Limited

I am a qualified Certified Practising Accountant having passed my final exams way back in 1981. I actually can’t believe that was 37 years ago!! Anyway, I am now in my 60’s and I have been running my own business since May 1983. And before you ask, no, I have never regretted a moment of it! Part of the membership requirements of my professional body now dictate that I spend quite a lot of time on “CPD” - continuing professional education (one of their better ideas) - and over the last two years I decided to study business growth and marketing. I have learnt such a lot and that knowledge has radically changed my old “accountants” approach to business. It has made such a difference to the way I work and operate I feel that I just have to pass on this knowledge. It is simply too powerful to hold back!! - but I will try and do it in simple terms rather than expecting you to spend hours, as I had to, working through the difficult language that trainers seem to use to pass on their concepts. I hope you find the blog a useful resource and interesting place to visit as the months pass. I will do my best to keep up the flow - but if there are any topics you would like me to cover, then please let me know. Ray Stewart

Ray Stewart

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