Self-employed? Sick of paying tax? Here's how Jimmy Carr got away with paying 1% on his income.
- Resign from employment in the UK
- Establish a company based overseas
- Get hired by the offshore company, on a minimal salary, say £8,105 per year.
- Pay any earnings directly to the offshore company
- Receive large interest free loans from your company
- Declare these interest free loans as tax liabilities to reduce Income Tax payable to HMRC