serious trouble for those who spend too much!

The Inland Revenue monitors the purchase of new cars and is ready to carry out checks if the expenditure is excessive.

Luxury cars are in the sights of the Revenue Agency. The watchful eye of the tax authorities can get taxpayers into serious trouble.

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Tax evasion continues to be a plague of our nation worth 80 billion euros per year. Despite tax inspections have become more stringent and monitoring more accurate, many citizens manage to escape the checks. The main problem is that of the I work in black, a reality that is difficult to find even if the new weapons in the possession of the Revenue Agency are able to assess inconsistencies between entries and exits such as to suggest an evasion. Among the many checks carried out by the tax authorities, we mention one little known to taxpayers. Let’s talk about controls about buying a luxury car.

The tax authorities and luxury cars, beware of omissions and oversights

Work a lifetime to finally buy the car of your dreams. A BMW, a Lamborghini, a Mercedes, all vehicles that cost a fortune. Well, the tax authorities will proceed with ascertaining the real possibility for the buyer to buy such an expensive car. The tool he will use is the income meter. It allows you to link the purchase of a vehicle with a power between 185 kw or 250 horsepower with the income declared by the taxpayer. In addition to the amount spent to buy the car, the profit meter also takes into account in the calculation of all related expenses to the powerful means such as road tax, insurance and maintenance in general.

In the event that the instrument should report significant inconsistencies between the declared income and the costs of the machine, the tax authorities would start investigations to understand if the money used comes from lawful operations or is the result of illegal actions. At that point it would be up to the taxpayer justify the purchase showing irrefutable evidence of the “clean” provenance of the money.

What is the moral of the story?

Taxpayers need to pay attention to money movements especially if they are unable to justify the origin of the money. An unemployed person who buys a Tesla thanks to a donation from a rich relative will upset the tax authorities not so much for the initial expense as for the maintenance costs. The initial gift, if justified by certain evidence, could also end the investigations but how can the taxpayer without income prove that he can pay the road tax on such a car?

In order not to risk entering the Revenue Agency’s crosshairs, therefore, it is better don’t buy what you can’t afford.

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